Cheryl Sandberg leaves Meta as one of the most famous and successful women in technology – and after more than $ 1.7 billion in stock sales.
Sandberg announced on Wednesday that he was stepping down as chief operating officer after 14 years at Meta, formerly known as Facebook. Sandberg will remain on the board of the social media company.
Sandberg’s fortune is $ 1.6 billion, according to Forbes, making her the second richest woman in technology after Meg Whitman. Whitman previously held the highest position in the Hewlett Packard Enterprise and, according to Forbes, costs about $ 3.2 billion.
Sandberg is also one of the few non-CEOs and non-founders to become a billionaire.
While many corporate executives tend to hold the majority of their stock as a show of confidence in their companies, Sandberg is an aggressive and consistent stock seller on Facebook (now Meta).
Over the past decade, Sandberg has sold more than 75 percent of its shares after tax through regularly planned share-selling programs, according to research firms that track sales. In total, it sold more than 22 million shares for more than $ 1.7 billion, according to analyst firm VerityData. Depending on the treatment of options and limited stock sales, the total could actually be higher, according to another analyst firm, Smart Insider, which estimates its stock sales at closer to $ 1.9 billion.
“Its sales over the past decade have made it one of the largest sellers of inside information in any American company,” said Ben Silverman, director of research at VerityData.
A Sandberg spokesman said she had acquired 48 million limited stakes, options and shares during her time at the company. About 20 million were sold for taxes, and it sold 22 million of the remaining 28 million through a 10b5-1 pre-sale program.
Sandberg withdrew shares in a wide range of prices, while Facebook shares jumped. The stock was priced at $ 38 per share in the company’s initial public offering in 2012 and peaked above $ 382 per share in September.
The average selling price of Sandberg’s shares over the past decade was $ 79.10 per share, according to VerityData, with its last sale in October 2019.
Despite her status as a billionaire, Sandberg has not shown her penchant for yachts, private jets and beach houses, as demonstrated by other technology moguls. According to media reports, in 2013 she moved to a newly built 9,200-square-foot home in Menlo Park, California, near Facebook’s headquarters, which features a wine room, gym, waterfall and rooftop solar panels.
Sandberg also donated part of her sales to charity. In 2016, she donated $ 107.2 million to her donor-advised fund at Fidelity Charitable. She did not say at the time which charities she would fund, but said she planned to support programs that increase opportunities for women and girls.
A Sandberg spokesman said she had made a total of 4.9 million shares, including 2.8 million shares on her board of donors and 2.1 million irrevocable transfers to beneficiary trusts. Smart Insider estimates that Sandberg gave $ 484 million in shares.
Announcing her departure on Wednesday, Sandberg said the decision to leave Meta would allow her to focus more on her philanthropic work.
Sandberg is also an active political donor, contributing to Democratic candidates and often hosting democratic fundraisers.
It still owns nearly 1.5 million shares, with a current market value of about $ 290 million, in a revocable trust. It also owns 333,642 shares of unallocated limited shares, some of which can be acquired before leaving.
Shares of Meta closed at $ 188.64 on Wednesday.
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