Meta Platforms (NASDAQ:META) CEO Mark Zuckerberg reported selling of his company’s stock during the fourth quarter of 2023. This marked his first sale since the end of 2021.
These sales were made under a program announced back in July. Zuckerberg still owns of the company’s stock and has a fortune estimated at . He turns 40 later this year.
Shares of Meta Platforms were virtually unchanged overnight, opening the day at $344.50 per share and a market capitalization of $885 billion.
META Stock: Zuck’s Good Timing
Zuckerberg has exhibited good timing on these sales. META stock is up 170% over the past one year, although losses in 2022 mean it’s up only 4% or so over the last two years. An insider sale is generally considered to be a for a stock.
According to reports, Zuckerberg recently built a on his 1,400 acre ranch in Hawaii. The total cost of the Hawaii project is estimated at $270 million.
Meta Platforms this past year. Zuckerberg declared 2023 a with widespread layoffs following a slow start to his “metaverse” plans. The recovery was spurred by the artificial intelligence (AI) boom, which lifted many top tech stocks.
Meta has launched a under what it calls open source licenses. The aim is to catch up with Microsoft’s (NASDAQ:MSFT) support of OpenAI, Alphabet’s (NASADQ:GOOG)(NASDAQ:GOOGL) launch of and Amazon’s (NASDAQ:AMZN) .
During 2023, Meta also launched , a social network under its Instagram brand. It’s seen right now as a growing competitor to X, the platform formerly known as Twitter. Threads recently .
Analysts like InvestorPlace contributor Chris McDonald are bullish on Meta for 2024. Wedbush also recently raised its target price on the stock to .
What Happens Next?
META stock was dirt cheap a year ago but is now priced at 30 times earnings. It needs to justify that valuation when it reports at the end of this month.
On the date of publication, Dana Blankenhorn had long positions in MSFT, GOOGL and AMZN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
