Meta boss Mark Zuckerberg sold shares of his company almost every day in the last two months of 2023, netting him nearly $500 million. The move coincided with a massive rebound in the company's stock price, which is the parent company of Facebook and Instagram.
The Facebook founder sold nearly 1.28 million shares in total to secure a total windfall of $428 million as Meta soared 194% last year. According to a regulatory filing this week.
This is the first time Zuckerberg has sold stock since November 2021. According to Bloombergfirst reported the move.
According to the media, Zuckerberg still owns about 13% of Meta shares after the sale. His personal wealth is estimated at $125 billion, ranking him 7th in the world. Bloomberg Billionaires Index.
Meta stock fell to a seven-year low in 2022 as Mr. Zuckerberg spent billions of dollars on a broader transition to the Metaverse.
But the company bounced back last year after executives ordered massive cost cuts, including thousands of layoffs, and shifted internal resources to the artificial intelligence boom.
Meta stock was flat in trading Thursday.
The Post has reached out to Mehta for comment.
Meta is one of the so-called “Magnificent Seven” tech stocks that closed last year with massive stock price gains.
It's unclear whether Mr. Zuckerberg has any specific plans in mind for the cash.
In December, Tech outlet Wired reported Zuckerberg reportedly spent $100 million to build a large-scale facility on the Hawaiian island of Kauai.
The secret complex reportedly has an underground bunker, at least 30 bedrooms and bathrooms, and its own food and energy sources.
Zuckerberg also spends a lot of time and money training in his favorite pastime, mixed martial arts, even winning two medals in his first Brazilian Jiu-Jitsu tournament last May.
At one point, Zuckerberg challenged tech billionaire Elon Musk to a “cage match,” but the match never materialized.
Zuckerberg's athletic ambitions suffered a setback in November when he tore his anterior cruciate ligament during training. The injury required surgery.
