Meta Platforms, Inc. (NASDAQ:META) Chief Legal Officer Jennifer Newstead has sold a portion of her company stock, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on May 21, involved the sale of 905 shares of Class A Common Stock at a price of $467.57 per share, totaling over $423,150.
This sale was conducted under a Rule 10b5-1 trading plan, a mechanism that allows company insiders to set up a predetermined plan to sell stocks at a specific time or price, which Newstead had adopted on November 30, 2023. This type of plan is commonly used by corporate executives to avoid accusations of insider trading, as it demonstrates that the sale was planned in advance and not based on any material non-public information.
Following this transaction, Newstead still holds 43,275 shares of Meta Platforms' common stock directly. The sale represents a small fraction of her total holdings in the company, indicating that she maintains a significant investment in the social media giant.
Investors often keep an eye on insider transactions as they can provide valuable insights into the company's health and the confidence that executives have in the future of their business. Transactions like these are routine and are required to be disclosed to the SEC in a timely manner.
Meta Platforms, Inc., formerly known as Facebook Inc ., is a leader in the technology sector, providing various services related to computer programming, data processing, and other tech-related activities. The company's headquarters are located in Menlo Park, California.
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