Facebook co-founder Dustin Moskovitz sells another 450,000 shares

Facebook co-founder Dustin Moskovitz has sold another 450,000 shares of the social networking major so far this week, reducing his holding to just 6.15 million of Class A stock, which have lesser voting rights than Class B stock.

Moskovitz has been selling Facebook stock at the rate of 150,000 per tranche since August 17 and has offloaded 1.8 million shares till August 29.

He had 7.5 million Class A stock as on August 17. 

According to a filing with the Securities and Exchange Commission (SEC), Moskovitz sold 450,000 class A stock during August 27 and August 29 in a price range of $19.19 to $19.26.

Moskovitz who did not sell any shares in the IPO of Facebook has started to sell the scrips post the lock-up period which is usually done so that the market is not flooded with too much supply of a company's stock too quickly.

Moskovitz, was Facebook founder Mark Zuckerberg 's roommate at Harvard when they launched Facebook in 2004. He left Facebook in 2008 and started Asana, whose software helps manage projects.

The Dustin A Moskovitz Trust holds 106,756,629 Class B shares that have more voting rights than Class A stock. Class B shares can be converted into Class A common stock any time on one-for-one basis and have no expiration date.     

Shares of the social networking major Facebook, are currently hovering at $19, far lower than its debut price of $38 at the much hyped IPO.     

The shares of the social networking firm have been under pressure ever since the company got listed in May this year and has shed nearly half of its market value since its highly touted public offering in May. PTI DRR YB sa
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Sebi clears rights issues worth about Rs 5,500 crore
     New Delhi, Aug 30 (PTI) Market regulator Sebi has given
its go-ahead to four rights issues, totalling about Rs 5,500
crore, proposed by TV 18 Broadcast, Network 18 Media &
Investment, Bajaj Finserv and Bhushan Steel.
     The rights issues of Network 18 and TV 18 would together
raise funds worth about Rs 4,000 crore, while Bajaj Finserv
and Bhushan Steel have offered to raise up to Rs 1,000 crore
and Rs 474 crore, respectively.
     In rights issue, shares are issued to existing investors
as per their holding at pre-determined price and ratio.
     Out of these four issues, Bajaj Finserv had filed draft
offer document with the Securities Exchange Board of India
(Sebi) last month itself, while other three companies had
submitted their documents to the regulator earlier this year.
    Sebi received the draft offer document for Bhushan Steel
rights issue, through lead manager ICICI Securities, February
22 and issued its 'observations' on August 22.
    Issuance of 'observations' on offer documents by Sebi is
considered as a clearance to the issuer to go ahead with the
share issues through routes like IPOs, FPOs and rights issue.
    Further, Sebi received draft offer documents for Bajaj
Finserv rights issue on July 18 and issued its observations on
August 17. JM Financial is the lead manager for this issue.
     The draft offer documents for TV 18 and Network 18 rights
issues were received by Sebi on March 6 and the observations
were issued for both of them on August 17.
    ICICI Securities is the lead manager for the rights issues
of both TV 18 and Network 18, which are part of same group.
    Bajaj Finserv in its draft offer had proposed to raise up
to Rs 1,000 crore through the rights issue.
     The company further announced yesterday a rights issue of
Rs 650 per share in a ratio of one equity share for every ten
held by its shareholders, aggregating to Rs 941 crore. It has
fixed September 8 as the record date for rights issue.
     In case of Bhushan Steel, it announced in February to
raise about Rs 474 crore through issue of over 1.41 crore
shares on rights basis at a price of Rs 335 each, in the ratio
of one equity share for every 15 held.
     Network 18 and TV 18 had announced their rights issues,
of up to Rs 2,700 crore each, way back in January.
     However, Network 18 being promoter and majority
shareholder of TV 18 would subscribe to about Rs 1,400 crore
worth shares in the rights issue of TV 18 as well. As a
result, the net aggregate from the two rights issues would
result in fund raising of about Rs 4,000 crore.
     These issues were announced alongside a multi-layered
deal reached by the media group with Mukesh Ambani-led RIL
group. Under the deal, RIL group is selling part of its stake
in Eenadu TV channels and an independent media trust set up it
would provide funds to Network 18 group promoters in the form
of 'optionally convertible debentures'. PTI BJ