Facebook co-founder Moskovitz sells some shares, plans to sell more

Jerimiah Yap – Fourth Estate Cooperative Writer

New York City, NY, United States (4E) – A few weeks ago Facebook director Peter Theil sold about 80 percent of his shares and earned an estimated $ 1 billion with only an investment of half a million dollars. Recently, Facebook co-founder Dustin Moskovitz has followed suit and sold his 450,000 shares, which saw him pocket a cool $ 9 million. The prices of his shares sold ranged from $ 19.38 to $ 19.99.

Moskovitz seems he isn’t finished selling some of his shares. He acquired “Class A” shares by converting it from “Class B” shares. Class A shares allow Moskovitz to publicly sell them.

After the sale, Moskovitz now holds a total of 135 million shares which is estimated to be more than $ 2 billion. His sale won’t trigger the same reaction Thiel got after he sold his stock because he still has a massive stake in the company. His fellow co-founder Mark Zuckerberg also unloaded some of his Facebook stock earlier this year to pay for a tax bill worth almost $ 2 billion.

Along with Moskovitz and Zuckerberg, Facebook was also co-founded by Eduardo Saverin and Chris Hughes. Saverin now lives in Singapore after renouncing his U.S. citizenship to escape paying taxes in the United States. Meanwhile Hughes started website Jumo, “a nonprofit website that connects visitors with volunteer opportunities and causes that match their interests.”

Saverin denies that his move to Singapore was to avoid taxes. Since Saverin made his move, the US government is in the process of passing a legislation to prevent future situations like Saverin’s from happening again.

Aside from Facebook, Moskovitz has founded a company called Asana, which is a networking website.

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