Mark Zuckerberg cashed in about $190 million of Meta stock in November, marking his first sales in 2 years
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- Mark Zuckerberg sold about $190 million worth of Meta Platforms stock in November, SEC filings show.
- Meta shares have surged by 166% this year, virtually erasing losses in 2022.
- The social-media giant has benefited from the tech-stock boom fueled by AI excitement.
Mark Zuckerberg cashed in about $190 million worth of Meta Platforms shares in November, marking his first disposals since 2021, after his company's stock came roaring back this year.
The Meta CEO and cofounder's trust, along with vehicles he uses to make charitable and political donations, disclosed the sales in filings with the Securities and Exchange Commission. The entities sold well over 500,000 shares under trading plans scheduled this summer.
Meta shares crashed in 2022, but have virtually erased those losses after a 166% advance this year that has crushed the Nasdaq Composite's 36% gain. Zuckerberg has reclaimed a top 10 spot on the Bloomberg Billionaires Index as a result; he ranked ninth on the wealth index with an estimated $116 billion fortune at Monday's close.
The social-media group behind Facebook, Instagram, and WhatsApp has benefited from renewed investor excitement around Big Tech, fueled by high hopes for artificial intelligence. Meta is one of the so-called "Magnificent Seven" stocks along with the likes of Tesla and Nvidia, which have accounted for the lion's share of the S&P 500's gains this year.
Zuckerberg and his wife, Priscilla Chan, have vowed to donate 99% of their Meta shares to good causes during their lifetimes. Zuckerberg first signed the Giving Pledge, a philanthropic commitment spearheaded by Warren Buffett and Bill Gates, in 2010.
Other high-profile tech CEOs have made noteworthy stock transactions this year. Apple CEO Tim Cook sold 13% of his stake in the iPhone maker for about $42 million after taxes in October, marking his largest share sale in over two years. Meanwhile, Amazon founder Jeff Bezos bought a single share of the e-commerce behemoth in May — his first purchase in more than two decades.