Mark Zuckerberg sold Meta shares worth $428M to end 2023

Photo of author

By Dan Sears

Meta boss Mark Zuckerberg pocketed nearly half a billion dollars after selling his company’s shares nearly every day during the last two months of 2023 — a move that coincided with a massive rebound in the Facebook and Instagram parent’s stock price.

The Facebook founder sold a total of nearly 1.28 million shares to secure a $428 million windfall amid Meta’s 194% spike last year, according to regulatory filings this week.

It was the first time that Zuckerberg sold stock since November 2021, according to Bloomberg, which first reported on the moves.

Even after the sales, Zuckerberg still owns about 13% of Meta shares, the outlet said. His personal fortune is estimated to be $125 billion, placing him seventh on Bloomberg’s Billionaires Index.

Meta shares slumped to a seven-year low in 2022 as Zuckerberg spent billions on a widely panned shift toward the metaverse.

But the company rebounded last year as the executive ordered a major cost-cutting spree that included thousands of layoffs and shifted company resources toward the artificial intelligence boom.

See also  August saw an unexpected jump in US job openings, the Labor Department reports

Mark Zuckerberg
Mark Zuckerberg sold close to 1.28 million shares to secure $428 million. REUTERS

Meta shares were flat in trading Thursday.

The Post has reached out to Meta for comment.

Meta is one of the so-called “Magnificent Seven” tech stocks that drove a major stock market rally to close out last year.

It’s unclear if Zuckerberg has a specific plan in mind for the cash.

In December, the tech outlet Wired reported that Zuckerberg was building a massive $100 million compound on the island of Kauai in Hawaii.

Mark Zuckerberg
Zuckerberg is reportedly building a compound in Hawaii. AP

The secretive complex reportedly includes an underground bunker, at least 30 bedrooms and bathrooms and comes equipped with its own food and energy sources.

Zuckerberg has also spent plenty of time and money of his favorite pastime of mixed martial arts training — even winning two medals at his first-ever Brazilian jiu-jitsu tournament last May.

At one point, Zuckerberg challenged fellow tech billionaire Elon Musk to a “cage match,” but the bout never materialized.

Zuckerberg’s athletic ambitions were dealt a setback in November after he tore his ACL during training. The injury required surgery.

See also  Pancake Bunch: Long Island’s nonprofit leaders turn competition into collaboration

Rate this post

Leave a Comment