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Friday, September 7, 2012

Facebook Co-Founder Gets Rid of his Shares

People who bought Facebook’s shares and are now disappointed with their fall have another reason to worry. Dustin Moskovitz, one of Facebook co-founders, was noticed to dump more of his shares in an attempt to get rid of them before they settle. Facebook, the largest social network in the world, has seen its share price fall and at the moment most of analysts believe that the shares will probably stop somewhere at $13 a piece.

Dustin Moskovitz used to be a roommate of Facebook chief Mark Zuckerberg’s at Harvard University. However, three years ago Moskovitz left Facebook in order to work on his own start-up, workplace software-service called Asana.

Although Moskovitz has already sold a lot of his shares, the analysts report that he is still keeping up a tiny but steady flow of daily sales. For instance, only this week Moskovitz has sold around 450,000 Class A shares per $19.19-$19.22 each. In the meantime, the Dustin A. Moskovitz Trust had only 6.15 million A shares, or at least that’s what a filing with the Securities and Exchange Commission says.

Thus far, Moskovitz seems to be keeping his more than 100 million B shares that can be converted to Class A shares on a 1-to-1 basis at any time. However, Class B shares carry more voting power. This, in its turn, keeps Moskovitz involved in the company.

According to financial experts, Moskovitz has been selling around 150,000 shares a day since 19 August. As for other company’s insiders, including early backer Peter Thiel, they were noticed offloading shares before they lose their value. For instance, Thiel, who sits on the company’s board, sold 20,000,000 shares earlier in August.

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