Sheryl Sandberg leaves Meta as one of the most prominent and successful women in technology, and after more than $ 1.7 billion in stock sales.
Sandberg announced Wednesday that he will step 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 wealth amounts to about $ 1.6 billion, according to Forbes, making her the second richest woman in technology after Meg Whitman. Whitman previously held the main job at Hewlett Packard Enterprise and is valued at $ 3.2 billion, according to Forbes.
Sandberg is also one of the few CEOs and non-founders to become a billionaire.
While many corporate executives tend to hold most of their shares as a sign of trust in their companies, Sandberg has been an aggressive and constant seller of Facebook shares (now Meta).
Over the past decade, Sandberg has sold more than 75% of its shares after taxes through regularly scheduled stock sales programs, according to research companies that track sales. In total, it sold more than 22 million shares for more than $ 1.7 billion, according to analysis firm VerityData. Depending on the treatment of options and restricted stock sales, the total could be higher, according to another analytics firm, Smart Insider, which estimates its stock sales are closer to $ 1.9 billion.
“Its sales over the last decade have made it one of the largest preferred sellers of any American company,” said Ben Silverman, VerityData’s director of research.
A Sandberg spokesman said he acquired 48 million restricted shares, options and shares during his time at the company. About 20 million were sold for taxes and she sold 22 million of the remaining 28 million through a 10b5-1 pre-sale program.
Sandberg charged shares at a wide price range as Facebook shares soared. The shares were priced at $ 38 per share on the company’s initial public offering in 2012 and peaked at $ 382 per share in September.
The average selling price of Sandberg shares over the last decade was $ 79.10 per share, according to VerityData, with its most recent sale in October 2019.
Despite her status as a billionaire, Sandberg has not shown a penchant for yachts, private jets, and beach houses that other tech moguls show. According to media reports, in 2013 he moved to a newly built 9,200-square-foot home in Menlo Park, California, near the Facebook headquarters, which has a wine room, gym, waterfall and solar panels in the roof.
Sandberg has also donated part of its sales revenue to charities. In 2016, it donated $ 107.2 million to its donor-advised fund to Fidelity Charitable. She did not say at the time which charities she would fund, but said she planned to support programs that would increase opportunities for women and girls.
Sandberg’s spokesman said it had made total donations of 4.9 million shares, with 2.8 million shares in its donor-advised fund and 2.1 million irrevocable transfers to trusts for beneficiaries. Smart Insider estimates that Sandberg has donated $ 484 million in shares.
Announcing his departure on Wednesday, Sandberg said the decision to leave Meta will allow him to focus more on his philanthropic work.
Sandberg has also been an active political donor, contributing to Democratic candidates and holding frequent fund-raising meetings.
It still owns nearly 1.5 million shares, with a current market value of about $ 290 million, in a revocable trust. He also owns 333,642 unacquired restricted shares, some of which he may acquire before leaving.
Shares of Meta closed at $ 188.64 on Wednesday.