Facebook is a hot property, in case you haven’t noticed. Rumors of an IPO have run rampant for three years, but still there’s no news on that front. Meanwhile, Facebook is trying to clamp down on secondary sales of its privately-held stock—especially by employees, according to the Wall Street Journal.
Last week, Facebook announced a new employee stock policy:
The policy says employees who sell their shares could face disciplinary action or be fired, one of these people said. The new rule also leaves room for the company to open a trading window during which employees would be allowed to sell shares in the future.
Facebook spokesman Larry Yu said the company implemented the “insider trading policy to better comply with insider trading laws and to protect the interests of the company and its employees and shareholders.”