“SEC May Want To Take A Look”: Facebook Insiders Dumped $4.1 Billion In Stock Since Scandal
by Tyler Durden
ZeroHedge.com
Thu, 07/26/2018
For all the mockery he is subjected to on a regular basis, both here and elsewhere, Dennis Gartman issued a very prescient and timely warning ahead of Facebook’s earnings. As we noted yesterday in our note why Gartman thinks that this is a “This Is A Dangerous Time”, the (formerly) regular CNBC guest pointed out the following troubling fact:
… note the chart this page, courtesy of RBMP Capital, of the huge and increasing sales of Facebook by its founder, Mr. Mark Zuckerberg, over the course of the past several years and most notably over the course of the past several months. When owners sell this aggressively… no matter what the excuse they might give…only the foolhardy do not pay heed.
Today, Gartman understandably takes a victory lap, and writes the following:
Facebook closed at 4:00 p.m. at a new all-time closing higher of $217/share, but when the news came out if fell swiftly to $173/share… a loss of just over 20%! This is fascinating in light of the massive “insider selling” of Facebook shares by non-other than Mr. Zuckerberg himself in recent weeks and noted here yesterday.
The Rest…HERE
