For the very first time since Facebook floated its stock on the market the value has actually rise above the initial floatation price with stocks now sitting at $38.50 up from their IPO price of $38.
Sheryl Sandberg made the sale of her stocks on Friday with the sale being picked up during regulatory filing after the shares rose in price.
While the huge sale of the shares may seem to show a lack of confidence in Facebook by Sheryl Sandberg the sale actually only represents around five percent of all the shares held by Sheryl Sandberg in Facebook.
Sheryl Sandberg joined Facebook in 2008 with Mark Zuckerberg poaching her from Google to come to the social media site in a bid to try to create revenue for the site and to convert the potential for advertising revenue within Facebook into real cash for shareholders.
She was appointed as chief operating officer to help make Facebook a profitable company and has managed to be very successful in her position to try to raise the value of shares before the company was floated on the market in May last year.
This is not the first time that Sheryl Sandberg has sold off some of her shares in Facebook. Back in December 2012 Sheryl Sandberg sold off shares to the value of around $50 million as part of a pre arranged plan for senior partners to be able to take out some money from the ever growing company.
It would appear that Sheryl Sandberg does not necessarily need the cash from the shares with her salery last year and bonus package being worth a reported $600,000. She also has plenty more shares left in the company that she may wish to sell in the future with the current value of the shares being estimated at around $1.5 billion.
While Facebook shares may currently be looking rosy it has not been an easy ride for Facebook with the shares tumbling in price when they were initially launched as investors feared that the company would not be able to keep up with the smartphone market.
An increasing number of people are using their smartphone to access Facebook with fewer using their laptops where adverts on the site are present. However Facebook does now sell advertising for smartphones and because of this confidence in the company has grown with mobile advertising now accounting for 41 percent of all revenue ib the second quarter.