Facebook co-founder Dustin Moskovitz is dumping more of his shares in a bit to get rid of them before they settle.
The social not-working giant has seen its share price fall and now many analysts are agreeing with us that they will probably even out at $13 each.
Moskovitz has already sold of a big chunk, but Reuters is reporting that he is keeping up a steady but small flow of daily sales.
This week, Moskovitz has sold a total of 450,000 Class A shares at prices ranging from $19.19 to $19.22 a share. The Dustin A. Moskovitz Trust has only 6.15 million A shares, according to a filing with the Securities and Exchange Commission.
He seems to be keeping his 106.8 million B shares, which can be converted to Class A shares on a one-to-one basis at any time. Class B shares carry more voting power which keeps him involved in the company.
Reuters noticed that Moskovitz has been selling shares at the rate of 150,000 a day since 19 August.
Moskovitz was a roommate of Facebook chief Mark Zuckerberg’s at Harvard University. He left the company in late 2009 to work on his own start-up, workplace software-service Asana.
Other Facebook insiders, including early backer Peter Thiel, have been offloading shares before they lose their value. Thiel, who sits on Facebook’s board, sold 20 million shares earlier this month.