Business

Meta Platforms, Inc. Officer Announces Proposed Sale of Securities

Published by
Matthew Martins
  • Jennifer Newstead, an officer at Meta Platforms, Inc., has filed a Form 144 with the SEC to announce the proposed sale of Class A Common Shares.
  • Approximately 722,178.00 shares or other units are set to be sold through broker Charles Schwab & Co., Inc.
  • The sale is scheduled to take place on the NASDAQ exchange, following a Rule 10b5-1 trading plan, with an approximate date of May 23, 2023.

Meta Platforms, Inc., formerly known as Facebook, made headlines today as one of its officers, Jennifer Newstead, filed a Form 144 with the United States Securities and Exchange Commission (SEC) to announce the proposed sale of securities. The filing provides crucial information regarding the planned sale of Class A Common Shares by the officer.

According to the official filing, which has been marked as a live submission, Jennifer Newstead intends to sell a significant number of shares through the brokerage firm Charles Schwab & Co., Inc. The submitted document indicates that approximately 722,178.00 shares or other units will be sold, with the aggregate market value yet to be determined.

The proposed sale is scheduled to take place on the NASDAQ exchange, with the shares to be traded under the Class A Common Shares of Meta Platforms, Inc. The exact date of the sale is expected to be May 23, 2023. It is worth noting that the filing specifies that the shares reported on the Form 144 will be sold pursuant to a Rule 10b5-1 trading plan, indicating that a predetermined plan has been put in place for the sale of these securities.

Jennifer Newstead, who serves as an officer at Meta Platforms, Inc., acquired the Class A Common Stock on May 15, 2023, through restricted stock unit lapse. The filing does not provide further details regarding the nature of the acquisition or the consideration involved.

In adherence to SEC regulations, the filing also discloses information about securities sold by Jennifer Newstead during the preceding three months. On May 16, 2023, Newstead sold 72,217 shares of Meta Platforms, Inc., generating gross proceeds of $88.00.

The Form 144 filing, an essential requirement for insiders of publicly traded companies planning to sell their shares, demonstrates the company’s commitment to transparency and compliance with SEC regulations. This filing ensures that all insider trading activities are conducted lawfully and protects the interests of investors.

Meta Platforms, Inc., a renowned technology company headquartered in Menlo Park, California, operates various social media platforms and digital services, catering to billions of users worldwide.

Matthew Martins

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Published by
Matthew Martins

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