Facebook Co-Founder Moskovitz Sells Small Portion of His Stake in the Company (FB, ZNGA)

One of Facebook Inc.’s (NASDAQ: FB) co-founders, Dustin Moskovitz, sold a small portion of his stake in the social network, according to a filing.

Moskovitz, who is one of FB’s four co-founders, disclosed in a filing that he sold off 450,000 shares of FB common stock over the past three trading days. The sale netted Moskovitz almost $9 million. Moskovitz may sell even more shares as he has converted 7 million of his remaining Class B shares to Class A shares.

Although Class B shares have 10 times the voting power, converting them to Class A shares allows them to be sold publicly. Even if Moskovitz sells the 7 million shares, he will hold a significant stake in the social network.

Moskovitz began selling a day after FB’s first lockup period ended even though he was not subject to that lockup and could have sold his shares at any time after the IPO was completed in May.

FB’s first lockup period ended last Thursday. Since the expiration of the lockup period, FB shares have come under tremendous pressure, touching an all-time low of $18.75 earlier this week.

Moskovitz’s disclosure has not had any impact on FB shares in trading today as he sold a very small portion of his stake in the company unlike Peter Thiel, the social network’s first major investor, who sold nearly 80% of his remaining stake in the company at the end of the lockup period last Thursday.

FB shares are higher in trading today. At last check, the stock was trading 1.29% higher at $19.41 on volume of 34.77 million.

FB shares are down nearly 49% since the social network’s May 2012 IPO.

Facebook is not the only social media stock gaining in trading today. Shares of social gaming company Zynga Inc. (NASDAQ: ZNGA) is soaring in trading today. At last check, ZNGA shares were trading 8.92% higher at $3.23 on above average volume of 29.47 million. ZNGA shares are down more than 65% since the company’s December 2011 IPO.