From the WSJ:
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.”
Only a portion of Facebook’s 1,200 employees–those who hold direct share or stock options–are affected by the plan. Many Facebook employees hold restricted stock units instead of options or direct shares. Restricted stock units don’t convert into stock until the company goes public, giving those employees no holdings to trade at this time.
In short, Facebook is not subscribing to the Silicon Valley myth that insider trading rules don't apply to non-public tech companies.
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