A MAHAREES man, who is one of the most senior executives at social media giant Facebook, has netted over €4 million by selling off around a third of his shares in the company.
David Spillane, the son of Mike and Marilyn Spillane of Spillane's Bar in the Maherees, is the most senior Irish executive at Facebook and has been the €35 billion social media firm's chief accounting officer for the last three years. Earlier this month Mr Spillane sold 256,000 shares, netting around €4.25 million from the sale. Mr Spillane had more than 863,000, including unvested shares, according to an SEC filing last May.
These would have potentially been worth €26 million when the company floated last summer though shares in the social media giant have fallen 40 per cent since it was first floated on the stockmarket.
David Spillane, who was educated at UCD and went on to become a senior manager at Ernst and Young before joining Facebook in 2009, is head accountant for the internet giant and is based at the firm's headquarters in California.
The Kerry man wasn't the only senior facebook executive to sell shares recently. Chief operating officer Sheryl Sandberg offloaded €5.84m worth of shares, with general counsel Theodore Ullyot also selling in recent days.
Facebook floated in May, with shares priced at €30 each however fears over the company's future growth trajectory and uncertainty over how it could make money from mobile devices, led to a massive sell-off.
The sale of shares by senior executives at the company has also prompted some concerns among Wall Street analysts and experts in the IT sector.