Facebook co-founder Dustin Moskovitz has sold 450,000 company shares of the popular social media site for about $8.7 million, reports the Associated Press.
Facebook shares have dropped to half of their IPO price of $38 per share. Facebook shares haven't traded above $20 in the past two weeks.
Moskovitz has reportedly been selling 150,000 shares a day and disclosing the sales every three days.
Silcon Valley legend Peter Thiel has sold over $1 billion worth of his Facebook shares as well.
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Moskovitz, who was Mark Zuckerberg's Harvard roommate when they founded Facebook in 2004, still holds more than 130 million shares.
Moskovitz left iFacebook n 2008 and started the software company Asana.