Facebook co-founder selling off 150,000 shares a day

Facebook co-founder Dustin Moskovitz is selling yet more shares in the one-time consumer-Internet darling, keeping up a steady but small flow of daily sales, according to a filing.

This week, Moskovitz has sold a total of 450,000 Class A shares at prices ranging from $19.19 to $19.22 a share, reducing the Facebook stake of his Dustin A Moskovitz Trust to 6.15 million A shares, a filing with the Securities and Exchange Commission showed.

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His Trust also owns 106.8 million B shares, which can be converted to Class A shares on a one-to-one basis at any time. Class B shares carry more voting power.

Moskovitz has been selling shares at the rate of 150,000 a day since 19 August, the first day since Facebook's initial public offering that certain insiders were allowed to sell shares.

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Facebook's IPO has been one of the most troubled in recent memory, with the shares debuting in May at $38 but quickly falling. On Wednesday, shares in the social network were trading around $19, beset by concerns over issues ranging from its mobile strategy to its slowing growth.

Moskovitz, a roommate of Facebook chief Mark Zuckerberg's at Harvard University, left the company in late 2009 to work on his own start-up, workplace software-service Asana.

Several Facebook insiders, including early backer Peter Thiel, have been selling shares at a rapid clip. Thiel, who sits on Facebook's board, sold 20 million shares earlier this month.

Reuters