Sherlyl Sandberg Facebook COO Sells $7.44 Million in Stock

Sheryl Sandberg sold $7.44 million in shares as the company frees up more stock for trading following its initial publicoffering in May. Sandberg sold 339,512 shares at about $21.10 apiece on Oct. 31, the first trading day after the latestround of lock-up restrictions ended, a regulatory filing showed yesterday. She also sold 13,392 shares at $20.79 apiece, according to the document. The operator of the world’s largest social-networking service unlocked 229 million shares for trading this pastweek, the second of five insider-sale restrictions scheduled during Facebook’s first year as a public company. Current and former employees have seen the value of their equity compensation decline as the stock fell 44percent from the IPO price of $38. Shares in Facebook, basedin Menlo Park , California, were little changed yesterday at $21.18. Two lockups will expire for an additional 960 million shares by the end of the year, followed by one for 47.3 million in May 2013. Sandberg’s share sales were part of a trading plan adopted in July. Shehas about 20 million available shares for trading, part of her total holdings, Facebook said yesterday. Theodore Ullyot, general counsel, also sold 149,075shares, raising $3.13 million.