While much of the insider activity has been restrained this week, some big-time players in the technology world took advantage of open windows to sell and unloaded stocks at a furious pace. That would appear disconcerting to some shareholders, but it is important to remember that some insiders have their companies purchased in stock, as was the case with one of this week’s sellers.
We cover insider selling every week at 24/7 Wall St., and we like to remind readers that just because an individual or 10% institutional owner is selling stock, that is no cause for immediate alarm. Many top executives, and even directors, are compensated with stock and often sell just to diversify portfolios or purchase other assets.
Here are companies that reported notable insider selling last week.
Facebook Inc. (NASDAQ: FB) is again the insider selling leader for last week as a director at the company, Jan Koum, sold two gigantic blocks of the social media giant’s shares for the fifth time in the past 60 days. Koum is an internet entrepreneur and computer programmer. He is the CEO and co-founder of WhatsApp, a mobile messaging application that was acquired by Facebook in February 2014 for $19 billion.
Koum sold a block of 566,668 shares of the stock at $128.80 per share. The total for that sale was posted at a huge $72,968,671. He then proceeded to sell an additional 364,554 shares of the company at a...