Facebook Inc (NASDAQ:FB) shares hit a new all-time high today, pushing the company’s market capitalization up over that of Amazon.com, Inc. (NASDAQ:AMZN).
Facebook enjoys rally
So far this year, shares of Facebook Inc (NASDAQ:FB) have already risen 23% after an incredible year last year when they rose 105%.The social network’s stock is now so high that its market cap is larger than that of Amazon.com, Inc. (NASDAQ:AMZN). Facebook currently has a market cap of about $170.65 billion, while Amazon’s market cap is $163.43 billion.
When Facebook Inc (NASDAQ:FB) had its initial public offering back in 2012, the social network’s market cap was about $100 billion, but shares slumped from the very first day of trading on the NASDAQ, slashing its market cap more than in half. In August of last year, the social network surpassed the $100 billion market cap level again.
In addition to Amazon.com, Inc. (NASDAQ:AMZN), FactSet data shows (via Mashable) that Facebook Inc (NASDAQ:FB)’s market cap is bigger than a number of other major technology companies, including Intel Corporation (NASDAQ:INTC), Cisco Systems, Inc (NASDAQ:CSCO) and QUALCOMM, Inc. (NASDAQ:QCOM).
Meanwhile, a number of insiders at Facebook Inc (NASDAQ:FB) have taken advantage of last year’s and this year’s rally to unload some of their shares and turn some of their paper profits into actual profits. According to AllFacebook, Chief Operating Officer Sheryl Sandberg, Chief Technology Officer Mike Schroepfer and Chief Accounting Officer Jas Athwal have all chosen to sell some of their stock.
All three of them sold the shares as part of their pre-arranged trading plan. They all sold their stock at prices around $64 each. Sandberg unloaded more than 283,000 shares, leaving her with more than 10 million shares of Facebook Inc (NASDAQ:FB). Athwal sold 28,000 shares of Facebook, leaving him with nearly 123,000, and Schroepfer disposed of 25,000 shares of the social network, which left him with almost 333,000 shares.
