Recently, Meta Platforms Inc (FB: US), once known as Facebook Inc, celebrated the completion of a decade since its IPO. The company went public in 2012, where it raised a historic amount of $16 billion.
This year, however, FB stock met with issues that have plagued its price. Regardless, the company shares are diving just as other companies in the present economic climate. FB’s stock price has dived by nearly 42.83% year-to-date. Adding to the tension is the fact that multiple insiders have filed Form 144s since the start of 2022.
The Form 144s
The latest cases of insiders planning to sell off large bundles of their shares came on May 17:
- Andrew Bosworth - the company’s CTO - filed a Form 144 for 10,126 shares worth almost $2.05 million.
- Nicholas William Clegg filed his form for 6,425 shares at a value of $1.3 million.
Both filed their forms through Charles Scwhab & Co Inc.
These were only the latest updates on insiders who sold FB shares multiple times throughout the year.
Marne L. Levine, Meta’s Chief Level Officer, was another insider who filed a Form 144 on May 16, via Charles Schwab & Co as well. This form was for 7,553 shares worth roughly $1.51 million.
Aside from these mentions, there were plenty of insiders who sold their shares throughout the ongoing year. These included Jennifer Gillian Newstead, Meta’s General Counsel, who sold FB stock multiple times, selling almost as much as $3 million worth of shares.
How did Meta do so far?
Meta platforms attracted controversy in 2021 when an Insider at the company, Frances Haugen, who disclosed that the company’s algorithms were designed to push users towards content that was more damaging and instead profitable to the company.
Moving on to 2022, Meta’s CEO, Mark Zuckerberg paved its entry into the metaverse circle, referring to it as ‘building the future of social connection’, and has invested in almost $10 billion in the project already.
A more progressive news that came forth was a May 19 announcement: the company was planning to monetize WhatsApp, one platform from its Family of Apps segment. Additionally, the company divulged its Q1 2022 earnings which pushed FB stock price upwards by nearly 17.59% in a single day.
Even now Meta still faces challenges in the coming year. The company is on a spending spree with ongoing projects, and more and more insiders are exiting their holdings.