Mark Zuckerberg Sells Nearly Half a Billion Dollars Worth of Meta Shares in Two Months
Meta CEO, Mark Zuckerberg, reportedly sold approximately half a billion dollars' worth of Meta shares within the span of two months, according to Bloomberg. The sales, totaling 1.28 million shares and amounting to $428 million, occurred between November and December of 2023, marking Zuckerberg's first sell-off in two years.
The average transaction amounted to $10.4 million, with the largest sale taking place on December 28th at $17.1 million. This move follows a remarkable 194% increase in Meta's stock price over the past year, rebounding from its lowest point in seven years at the end of 2022.
Zuckerberg, 39, who holds approximately 13% of Meta, has a net worth of around $125 billion, making him the seventh wealthiest person globally, according to Bloomberg's billionaire index.
Meta has not responded to Bloomberg's request for comments on Zuckerberg's recent stock sales.
In a related development, Reuters reports that oil trade between China and Iran has "halted" as Tehran withholds shipments and demands higher prices from its major customer, reducing the supply of cheap oil to the world's largest crude oil importer.
The decrease in Iranian oil supplies, constituting about 10% of China's crude imports, may contribute to supporting global oil prices. China's imports of Iranian oil subject to sanctions reached a ten-year high in October but have now ceased due to Tehran's pricing demands.
Iran increased its oil exports over the past year, bolstering its geopolitical role, according to Bloomberg.
Title: China-Iran Oil Trade Halts, Impacting Global Oil Prices as Chinese Imports Reach Highest Level in a Decade
Trade sources inform Reuters that oil trade between China and Iran has come to a halt, as Tehran blocks shipments and negotiates higher prices with its largest customer. This disruption in the supply of cheap oil from Iran, constituting approximately 10% of China's crude imports, may contribute to a rise in global oil prices.
China's imports of Iranian oil under sanctions reached a ten-year high in October, driven by the increased attractiveness of low-cost crude amidst rising global prices, as analyzed by data company Kepler. Most of these shipments are directed towards China, which is lenient in scrutinizing imports of bitumen blends, sometimes mixed with Iranian crude, aiding the swift clearance of shipments through customs, as reported by market traders.
Beijing's average imports from Iran stood at 917,000 barrels per day during the first seven months of 2023. This figure surged to 1.5 million barrels per day in August, marking the highest level since 2013, according to Kepler's data.