Sheryl Sandberg leaves Meta as one of many highest-profile and most profitable girls in tech — and after greater than $1.7 billion in inventory gross sales.
Sandberg introduced Wednesday that she is stepping down from her function as chief working officer after 14 years at Meta, previously generally known as Fb. Sandberg will stay on the social media firm’s board.
Sandberg’s wealth totals an estimated $1.6 billion, in accordance with Forbes, making her the second wealthiest lady in tech after Meg Whitman. Whitman beforehand held the highest job at Hewlett Packard Enterprise and is value an estimated $3.2 billion, in accordance with Forbes.
Sandberg can be one of many uncommon non-CEOs and non-founders to change into a billionaire.
Whereas many company executives have a tendency to carry on to the majority of their shares as a present of confidence of their corporations, Sandberg has been an aggressive and constant vendor of Fb (now Meta) inventory.
Over the previous decade, Sandberg has offered over 75% of her after-tax shares by way of often scheduled share sale applications, in accordance with analysis corporations that observe the gross sales. In complete, she offered over 22 million shares for greater than $1.7 billion, in accordance with analytics agency VerityData. Relying on the therapy of choices and restricted inventory gross sales, the entire might truly be greater, in accordance with one other analytics agency, Sensible Insider, which calculates her inventory gross sales at nearer to $1.9 billion.
“Her gross sales over the previous decade makes her one of many greatest insider sellers at any U.S. firm,” stated Ben Silverman, director of analysis at VerityData.
A spokesperson for Sandberg stated she acquired 48 million restricted inventory items, choices and shares throughout her time on the firm. About 20 million had been offered for taxes, and he or she offered 22 million of the remaining 28 million by way of a 10b5-1 pre-schedule promoting program.
Sandberg cashed out shares at a variety of costs as Fb shares soared. The inventory priced at $38 per share within the firm’s preliminary public providing in 2012 and peaked above $382 per share in September.
Sandberg’s common inventory sale value over the previous decade was $79.10 per share, in accordance with VerityData, together with her most up-to-date sale in October 2019.
Regardless of her billionaire standing, Sandberg hasn’t proven the penchant for yachts, personal jets and seashore properties proven by different tech tycoons. In line with media experiences, in 2013 she moved right into a newly constructed, 9,200-square-foot residence in Menlo Park, California, near Fb’s headquarters, that incorporates a wine room, fitness center, waterfall and photo voltaic panels on the roof.
Sandberg has additionally gifted a few of the proceeds of her gross sales to charity. In 2016, she gave $107.2 million to her donor-advised fund at Constancy Charitable. On the time she did not say which charities she would fund, however has stated she plans to assist applications that enhance alternatives for girls and women.
Sandberg’s spokesperson stated she had made complete reportable items of 4.9 million shares, with 2.8 million shares to her donor-advised fund and a pair of.1 million irrevocable transfers to trusts for beneficiaries. Sensible Insider estimates Sandberg has given away $484 million in shares.
In saying her departure on Wednesday, Sandberg stated the choice to depart Meta will permit her to focus extra on her philanthropic work.
Sandberg has additionally been an energetic political donor, contributing to Democratic candidates and regularly internet hosting Democratic fundraisers.
She nonetheless owns almost 1.5 million shares, with a present market worth of about $290 million, in a revocable belief. She additionally has 333,642 shares of unvested restricted inventory, a few of which can vest earlier than she leaves.
Meta shares closed on Wednesday at $188.64.
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