Meta Platforms, Inc. (NASDAQ:META) Chief Operating Officer Javier Olivan has sold a portion of his holdings in the company, according to a recent filing with the Securities and Exchange Commission. The executive offloaded 490 shares of Class A Common Stock at a price of $488.25, totaling over $239,242 in value. The transaction took place on March 15, 2024, and was made public on March 19, 2024.
Olivan's sale was conducted under a Rule 10b5-1 trading plan, which allows company insiders to establish pre-arranged plans to buy or sell stock when they are not in possession of material non-public information. This mechanism is intended to prevent insider trading concerns and allows for planned selling by executives and other insiders.
Following the sale, Olivan still holds a significant number of shares in Meta Platforms through various ownership forms. Directly, he owns 9,539 shares. Additionally, he has indirect ownership through several entities. Olivan D LLC, managed by Olivan, holds 8,622 shares, while Olivan Reinhold D LLC, managed by Olivan and his spouse, holds another 2,999 shares. Reinhold D LLC, managed by Olivan's spouse, also holds 8,622 shares. The largest holding is by the Olivan Reinhold Family Revocable Trust, co-trusteed by Olivan and his spouse, which owns 68,935 shares.
Meta Platforms, formerly known as Facebook Inc ., is a leader in the technology sector, providing various services related to computer programming and data processing. The company's headquarters is located in Menlo Park, California.
The recent transaction by the COO of Meta Platforms provides investors with insights into executive movements within the company. While the sale represents a small fraction of Olivan's total holdings, it is a noteworthy event for shareholders and potential investors monitoring insider activity.
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