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Facebook's Sheryl Sandberg Cashes Out $91M

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Facebook's Sheryl Sandberg Cashes Out $91M

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Sheryl Sandberg, chief operating officer of Facebook, was cited in a lawsuit against the social network.

As Facebook stock rose to its initial public offering price last week, the social network's chief operating officer Sheryl Sandberg sold off 2.4 million shares totaling $91 million, according to a report.

Sandberg, a Facebook executive and author of the book "Lean In", sold the almost 2.4 million shares last week according to a regulatory filing, CNN reported. Although the shares were sold in a "pre-arranged trading plan" -- meaning she had no control over the time of sale -- it seems as if Sandberg managed to benefit from its timing. Facebook stock rose to its initial public offering price last week, something that hadn't happened since the IPO in May 2012.

It isn't the first time Sandberg has sold stock. She sold about $50 million just after the IPO, and another $7.4 million last November, but still has 95 percent of her holdings. 
 
The arranged trading plans keep executives from insider trading, but Sandberg's fortunes seemed to have been improved by the timing. That wasn't the case last November when her roughly 350,000 shares were sold for around $20 each, a 48 percent drop in value from the company's IPO.
 
 

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