Sheryl Sandberg, Facebook’s chief operating officer and two other top executives are millions of dollars richer this weekend after selling millions of dollars worth of stock.
Sandberg, General Counsel Theodore Ullyot and Chief Accounting Officer David Spillane all unloaded stock after restrictions on insider trading ran out, Reuters reports.
Sandberg earned about $7.44 million by selling 353,000 Facebook shares, according to a Securities and Exchanges Commission filing Friday. She still owns about 20 million vested shares of Facebook stock, so she’s got plenty left over if she still needs to unload more.
The sales were the first done by Facebook’s top management after the company’s huge initial public offering last May. The social network was the only U.S. company to issue an IPO of more then $100 billion, but the stock market hasn’t responded and the stock has been selling at about half its originally projected value.
Facebook CEO and Founder Mark Zuckerberg is committed to hold onto his shares until September 2013.