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.
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.