NEW YORK -- Facebook Inc. Chief Operating Officer Sheryl Sandberg sold 946,588 shares, netting about $26.2 million.
The shares were sold in multiple transactions at prices ranging from $27.30 to $27.90 apiece, Menlo Park, California- based Facebook reported in a filing with the U.S. Securities and Exchange Commission. Facebook, operator of the world's largest social network, closed at $27.49 on Dec. 7 and has lost 28 percent since selling shares for $38 each in an initial public offering in May.
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With the sale, Sandberg reduced her stake to 18.7 million shares, according to the filing.