David Ebersman, Chief Financial Officer of Facebook, made history this week as he unloaded approximately 9 percent of his stake in the company. Selling 911,700 shares, Ebersman netted $42.6 million, setting a record for CFO stock sales as the single-largest total dollar value ever. Ebersman sold the shares at an average price of $46.76 apiece, triggered by price and date targets being met. Facebook shares are up almost 80 percent this year.
While this is a major sale for any CFO, this isn’t the first time that Ebersman has showcased the financial strength of the social media giant. In February, Ebersman began selling stock, bringing his total shares sold to 1.8 million.
Of course, David Ebersman isn’t the first financial executive to showcase his financial prowess and strategically sell shares. Other notable CFO moves include:
- Paul Clancy. The Biogen Idec CFO raked in an estimated $23.7 million this past September. When Clancy bought his 99,030 shares, it cost him $5.1 million. But strong company performance and economic growth would boost its value almost 5 times, bringing each share to $240 each, resulting in the $23.7 million total netted. While Clancy might not hold the record for largest stock exchange by any CFO, he certainly holds the record for any executive at Biogen Idec.
- Ian Smith. The Vertex Phamaceuticals CFO netted $35 million in April when the company found success for its cystic fibrosis drug VX-661. With 745,685 shares in the company, Smith was able to bank on a 62 percent single-day jump in the value of the company. While the large insider sale has bothered some people, institutional investors in Vertex insist that the payday was justified.
- Peter Oppenheimer. After July’s earnings announcement, Oppenheimer sold $16.4 million in Apple stock. He currently holds an additional 4,834 shares, which are valued at $2.1 million currently. With the exception of Tim Cook, Apple executives are expected to hold a minimum of three times their yearly salary in stock.
- Richard Galanti. The Costco CFO sold 17,081 shares for an estimated $119.18 each, for a total of $2.03 million. Costco stock retains a neutral rating from analysts and CFO Galanti still owns an additional 53,332 shares in the company.