Meta Platforms, Inc. (NASDAQ:META) Chief Operating Officer Javier Olivan has sold a portion of his company shares, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on June 27, 2024, involved the sale of 412 shares of Class A Common Stock at a price of $514.41 each, amounting to a total value of $211,936.
The sale was conducted under a Rule 10b5-1 trading plan, which Olivan had adopted on August 30, 2023. These plans allow corporate insiders to sell a predetermined number of shares at a preset time to avoid accusations of trading on insider information.
Following the sale, Olivan still holds a substantial number of Meta shares. Directly, he retains 7,207 shares. Additionally, he has indirect ownership through various entities. Olivan D LLC, managed by Olivan, holds 8,622 shares. Olivan Reinhold D LLC, which he and his spouse manage, holds another 2,999 shares. Reinhold D LLC, managed by his spouse, also holds 8,622 shares. Lastly, the Olivan Reinhold Family Revocable Trust, for which Olivan and his spouse serve as co-trustees, holds a significant 75,044 shares.
The filing, signed by attorney-in-fact Erin Guldiken on behalf of Javier Olivan, provides transparency into the executive's stock transactions and holdings in Meta Platforms, Inc. Investors often monitor such insider transactions for insights into executive confidence and company health.
In other recent news, Meta Platforms is facing multiple legal challenges globally. The U.S. Supreme Court has set aside previous rulings on laws that sought to regulate social media platforms' content moderation, a move that impacts major tech companies, including Meta. In Europe, Meta is under scrutiny by the EU Commission for allegedly violating the Digital Markets Act with its latest advertising model, and is expected to face formal charges over its 'pay or consent' model.
In Australia, Meta is considering blocking news content on its platform to avoid new licensing fees proposed by the government. This decision comes in response to a 2021 law that mandates U.S. tech companies to pay media outlets for the use of their content. Meanwhile, in the U.S., a federal appeals court has reinstated a lawsuit alleging that Meta discriminates against U.S. workers in favor of foreign employees.
These recent developments underscore the regulatory and legal challenges that Meta Platforms is navigating across multiple jurisdictions.
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