WashPost’s Donald Graham Sells Facebook Shares for $6.7 Million
Facebook Inc. (Nasdaq: FB) board member Donald Graham, also the chairman and CEO of the Washington Post Co., sold shares for $6.7 million as the lock-in period ended for millions of shares of the social networking site, according to an SEC filing Tuesday.
Graham sold 286,666 shares at $23.40 apiece. He still owns 609,164 shares worth $14.8 million, based on the stock’s closing price of $24.32 per share on Nov. 21. The sale came after the vesting of 895,830 restricted shares
In the filing, Graham listed the sales as open market transactions. But Reuters cited a previous filing by Facebook to say Graham was selling shares to cover tax obligations incurred from the recent vesting or settlement of restricted stock units in the company. Reuters also said the sale was part of pre-arranged stock trading plans.
Several executives and directors at the world’s No. 1 social networking site sold shares as the lock-up restrictions on trading expired.
Facebook shares, sold at $38 apiece in an initial public offering earlier this year, have slumped on valuation concerns and profitability of the company.