One of Facebook’s founders, Dustin Moskovitz, is the latest to sell off his shares of the company.
Latimes.com reports that Moskovitz unloaded 450,000 shares in the company he helped start at Harvard, according to documents filed by the Securities and Exchange Commission.
Moskovitz, 28, began selling the Facebook shares last week and continued through Monday according to the documents made public on Tuesday. He made three sales of 150,000 shares each for a total of about $8.8 million.
Other than Facebook CEO Mark Zuckerberg, Moskovitz, who is on the Forbes list of billionaires, is the only cofounder who owns a sizeable portion of the social media content site and was required to disclose the sale of the shares.
Moskovitz is one of Facebook’s five founders and still owns 7.05 million shares worth more than $137 million, based in Facebook’s closing stockprice on Wednesday.
The dailymail.co.uk writes that this news directly follows that of billionaire Peter Thiel – one of Facebook’s first investors and a member of its board. The former CEO at Paypal invested $500,000 in 2004, before going on to sell $20 million of his shares on Thursday and Friday for between $19.27 – $20.69 for $396 million.
He also sold 16.8 million shares in May making $640 million. It is now believed that he has sold most of his stock in Facebook.