Cheryl Sandberg announced Wednesday that he is stepping down as chief operating officer after 14 years at Meta, formerly Facebook. Sandberg remains on the social media company’s board.
According to Forbes,Cheryl Sandberg net worth is $1.6 billion, making her the second-richest woman in technology after Meg Whitman. According to Forbes, Whitman previously held the most senior position at Hewlett Packard Enterprise for an estimated $3.2 billion.
Sandberg is also one of the few non-CEOs and non-founders to become billionaires.
While many executives tend to hold the majority of their shares as a sign of trust in their company, Sandberg was an aggressive and consistent stock seller at Facebook (now Meta).
According to a market research firm that tracks sales over the past decade. Sandberg has sold more than 75 percent of its after-tax stake through a regularly scheduled share sale program. More than 22 million shares traded for more than $1.7 billion, according to analyst firm VerityData. According to another analyst firm, Smart Insider, the treatment of options and the sale of restricted stock, the total could be higher. Which estimates its stock sale at around $1.9 billion.
“His sales over the past decade have made him one of any American company’s largest insider information sellers,” said Ben Silverman, director of research at VerityData.
A Sandberg spokesman said he acquired 48 million restricted shares, options, and shares during his time with the company. About 20 million were sold for taxes, and 22 million of the remaining 28 million were sold through the 10b5-1 presale program.
Sandberg shares fell in a wide price range, while Facebook shares soared. When the company went public in 2012, its share price was $38 per share and peaked above $382 per share in September.
The average selling price of Sandberg stock over the past decade was $79.10 per shar. With the last sale in October 2019, according to VerityData.