Meta's Stock Plummets By 8% As CEO Mark Zuckerberg Offloads $190 Million In Shares

• Mark Zuckerberg sold about $190 million worth of company shares, marking his first sale in two years.
• Meta's stock performance saw an impressive rise of 159% in 2023.

Mark Zuckerberg, the founder of Meta Platforms Inc META, recently sold some company shares for the first time in two years.

The transaction, disclosed in Securities and Exchange Commission filings, amounted to approximately $190 million. Although this may seem like a significant sum, it represents only a tiny portion of Zuckerberg's vast wealth.

Zuckerberg, the 9th richest person according to the Bloomberg Billionaires Index, has amassed a staggering fortune of approximately $116 billion.

This remarkable increase in wealth can be attributed mainly to the impressive growth of Meta's stock. In 2023 alone, the company's shares have soared by an astounding 159%.

The stock made impressive gains in November, coming close to reaching a new all-time high of $343, the highest level seen in 2022.

Although it fell short of breaking this record, it did experience a decline of 8%. Despite this setback, the stock found stability and support at the daily 50 simple moving average.

There is anticipation of a recovery from the current support level. This upward momentum has the potential to push the stock price past its existing resistance level as long as there is enough buying power.

However, to maintain this positive trend, the stock must surpass its previous record high of $384 from September 2021.

After the closing bell on Tuesday, December 5, the stock closed at $318.29, trading down by 0.53%.