Meta’s Chief Operating Officer (COO) Javier Olivan has sold a portion of his holdings in the company, according to recent regulatory filings by the social media giant to the US stock exchanges. The top executive offloaded 490 shares of Class A Common Stock at a price of $501.18 per share, totaling over $245,578.
The selling of company shares comes at a time when shares of Meta Platforms has plunged 13 per cent so far on Thursday, sparking a sell-off in big technology stocks on Wall Street, after the social media firm signaled its costly bet on artificial intelligence (AI) could take years to pay off.
The drop was set to erase nearly $170 billion from the company’s market value and triggered a fall of 3-4 per cent in shares of AI-focused Microsoft and Alphabet, both of which report earnings after market close.
The focus on AI spending, however, sparked a more than two per cent jump in shares of Nvidia, Broadcom and Marvel Technology, which analysts have called the picks and shovels of the generative AI boom. Intel, which has missed out on the AI-led rally, was up 0.7 per cent ahead of earnings.
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Published: 25 Apr 2024, 09:37 PM IST
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