Brid-Aine Parnell
The Register.co.uk
August 30, 2012
Facebook co-founder Dustin Moskovitz has sold over 1.3 million of his shares in the social network over the last two weeks.
Moskovitz converted some of his Class B shares – the kind that carry voting rights – into Class A shares and has been getting rid of stock at 150,000 shares a day since a couple of days after the first lock-up period on early investors ended.
Pre-IPO investors are tied into their shares for a certain period, the lock-up, to prevent a run on the stock on the first day of trading, which would stop any public company from getting off the ground.
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