Facebook co-founder, Dustin Moskovitz has sold off 450,000 Class A shares Facebook shares within the past week, according to a filing with the US Securities and Exchange Commission.
Mr Moskovitz sold his shares in the company between August 17 and August 21, for between $19.38 to $20 per share.
The move comes after one of Facebook’s first investors; Peter Theil sold 20 million Facebook shares after the insider trading lockup period was lifted earlier this week.
The sale also occurred while Facebook was being battered in the US stock market, hitting just under $19 per share on August 20 – around half of the company’s initial asking price of $US38 per share.
Facebook’s shares have been in an almost unabated free-fall since the company’s IPO in May.
Despite selling off 450,000 shares, Mr Moskovitz still holds a majority stake in the company. The co-founder still holds around 7.05 million shares in the company.