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Facebook’s stock price rose above the price of its initial public offering of $38 for the first time this past Friday, closing at $38.50. Facebook’s COO, Sheryl Sandberg, wasted no time selling off 2.2 million shares.
Sandberg’s filings with the Securities and Exchange Commission show that she netted $91 million from selling off her shares. Sandberg still owns 25 million shares in the company, currently valued at $1 billion.
According to her Form 4 filing, she disposed of 2,274,095 class-A common shares at $38.3909 apiece, as well as 91,500 at $38.8364 each, leaving her with a total of 12,632,775 shares in the company. In November 2012 Sandberg sold more than 350,000 shares of Facebook stock valued at $7.4 million.
This is not a sign that Facebook is in a state of decline. Facebook reported an increase of 53% in its second quarter revenue of $1.81 billion, compared to the second quarter of 2012 when it was at $1.18 billion.
Facebook’s daily active users in the second quarter were 699 million, a 27% increase compared to last year. Monthly active users hit 1.15 billion in the second quarter, an increase of 21% over last year.