did david choe sell his stock?

Short answer: David Choe accepted Facebook (now Meta) stock instead of cash for painting early offices and sold at least some shares around the 2012 IPO — reports estimated his stake near $200 mill...

2026-01-13 01:22:00

By Cipher Trio

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David Choe’s Facebook stock

Introduction (what you will learn)

Did david choe sell his stock? This article answers that question directly, explains how Choe came to own Facebook (now Meta) equity, summarizes what public reporting and Choe himself have said about selling, and clarifies what is publicly known and what remains private. If you want a clear, sourced overview of the equity arrangement, IPO-era valuations, reported sales, and subsequent use and legacy of the proceeds, read on.

Lead / Short answer

Yes — did david choe sell his stock? Public reporting and Choe’s own interviews indicate he sold at least some of his Facebook shares after the company prepared for and completed its 2012 IPO. Around the IPO, several reputable outlets reported that Choe’s stake was valued at roughly $200 million. Choe has been quoted saying he sold some shares to “secure” his position while retaining a smaller holding. Precise sale dates, the exact number of shares sold, and detailed proceeds have not been disclosed in public filings attributable specifically to him.

Background

Who is David Choe and how did he get Facebook equity?

David Choe is a Los Angeles–based graffiti and mural artist known for large-scale murals, illustration work, and a high-profile freelance career spanning clients in tech and entertainment. In the mid-2000s, Choe was commissioned to paint murals at Facebook’s early offices in Palo Alto and later Menlo Park. The commission was reportedly offered as a choice between cash payment (commonly cited at approximately $60,000) or stock in the then-private company. Choe elected to accept stock instead of cash.

This relocation of payment from immediate cash to equity is the central origin of the question did david choe sell his stock. The choice became lore in tech and creative circles because Facebook’s later growth made that equity vastly more valuable than the original cash offer.

The equity arrangement

What form of equity did David Choe receive, and how large was the grant?

Contemporary reporting describes Choe’s compensation as equity in Facebook given in lieu of cash. Accounts vary on the technical mechanics (for example, whether the award was a direct restricted stock grant, a founder’s allotment, or some other form of share or option). The exact legal instrument was not publicly disclosed.
For context, early contributors, advisers, and creative contractors who accepted equity in startups often received relatively small percentage stakes compared with founders and major early employees. Media coverage at the time placed many non-founder contributor stakes in the rough range of one-tenth to a few tenths of a percent (commonly reported ranges such as ~0.1%–0.25% in analogous cases). Such comparisons were used to estimate Choe’s holding, but they are not definitive evidence of his precise share count.
To be clear: the exact grant mechanics (options versus restricted shares), vesting schedule, and the precise number of shares allocated to Choe have not been disclosed publicly in any filing or document attributable to him. That uncertainty is why most reports rely on approximations and interviews rather than firm registry data.

Facebook IPO and valuation of Choe’s stake

How did the IPO affect the theoretical value of Choe’s holdings?

Facebook’s initial public offering (IPO) occurred in May 2012. As the company prepared for the IPO and as pricing and pre-IPO valuations circulated, several major outlets reported estimates of the market value of equity held by early contributors.

As of May 2012, according to multiple reports from established business and news outlets, David Choe’s stake was widely estimated at roughly $200 million on the eve of the IPO. Those valuations were extrapolated from the IPO price and typical percentage estimates for non-founder contributors.
It is important to distinguish between a theoretical market value (share count multiplied by IPO price) and realized proceeds (actual cash received if and when shares are sold). The headline figures ($100M–$300M in various headline accounts) are frequently cited as indicative valuations but do not substitute for verified sale records or public SEC filings tied directly to Choe.
After the IPO, Meta Platforms’ (formerly Facebook) public market price has fluctuated materially over time; any retained shares would have changed in theoretical value along with the market price. That volatility is separate from the factual question did david choe sell his stock, which focuses on reported sales around the IPO period.

Did he sell his stock? — public reporting and Choe’s statements

Short answer: public statements and media reporting indicate Choe sold at least some shares; exact quantities and dates remain private.

In interviews and profiles following the IPO, David Choe acknowledged selling shares. In public quotes commonly cited by multiple outlets, he characterized his sales as partial: selling “a couple” of shares or “a portion” to secure liquidity, and keeping some equity afterward. These comments have been reported widely in the mainstream press.
Media reporting around May 2012 and in follow-up profiles typically summarized this as Choe selling a large portion of his holding while retaining a smaller amount for the future. Headlines often focused on the approximate headline valuation (the frequently cited ~$200 million figure) while noting that he had cashed out some of it.
However, Choe was not an executive or major shareholder required to file certain SEC forms (such as Form 4) that would publicly enumerate precise insider sales, and the company’s public filings did not list him as a named significant shareholder. Therefore, unlike executives whose share transactions are traceable in filings, the public record for Choe’s exact sales is limited to his own statements and third-party journalistic reporting.
In sum, credible reporting and Choe’s own disclosures make it reasonable to state that did david choe sell his stock? — yes, he sold at least some shares — but the public record does not provide a full, itemized ledger of the sale transactions.

Selected phrasing from Choe and contemporaneous reporting

Choe’s public phrasing about his sales has often been informal (e.g., saying he “sold a couple [of shares] to secure that I would have something”). Such remarks were interpreted in the press as indicative of partial liquidation rather than a complete divestment.
Reporters and profiles generally present a consistent narrative: he accepted stock; the pre-IPO valuation was large; he sold some shares around the liquidity event; the community reaction highlighted the gamble’s payoff.

What is publicly known and what is not

Clarifying the boundaries of public information helps answer what remains uncertain about did david choe sell his stock.

What is publicly known:

Choe accepted stock instead of cash for painting Facebook’s early offices. Multiple mainstream outlets reported that choice and its aftermath.
Around the time of Facebook’s May 2012 IPO, reputable reporting estimated Choe’s stake to be worth approximately $200 million on paper. (These are estimates based on assumptions such as share counts and IPO pricing.)
Choe has said publicly that he sold some shares after the company’s IPO process in order to obtain liquidity and “secure” his position.

What is not publicly known:

The exact number of shares David Choe received in the initial grant and the exact form of the award (publicly unfiled private grant documents have not been released).
Precise sale dates, the exact count of shares sold on each date, and transaction-level proceeds attributable only to Choe are not available in public SEC filings in his name.
Detailed tax records, lock-up agreement specifics tied to his holding, and private contracts governing resale restrictions have not been published.

Because of these gaps, many widely reported dollar figures should be interpreted as credible estimates rather than documented transaction records. That limitation is fundamental to answering did david choe sell his stock in exact quantitative terms: public sources confirm partial sales but do not provide a full forensic ledger.

Use of proceeds and subsequent activities

How did Choe use the money he realized from selling shares?

Public reporting documents a variety of high-profile and eclectic uses of Choe’s proceeds after the IPO era. He funded large-scale art projects and exhibitions, maintained an active professional practice, and engaged in public-facing acts that were widely reported.
Among notable, widely reported activities: Choe staged public giveaways and contests at times described by the press as distributing cash to fans or participants. He also invested in his art career—exhibitions, travel, materials, and collaborations—and has been involved in philanthropy and community projects mentioned in profiles.
Most reporting frames these expenditures as dispersed and project-driven rather than as a single consolidated public accounting of how all proceeds were spent. In other words, there is public visibility into some headline activities funded in part by the windfall, but not a full itemized public ledger of every expenditure.

Public reception and legacy

Why is the Choe story often cited?

The story of David Choe’s choice—accepting equity instead of immediate cash—has become a widely used example in conversations about startup compensation, creative-economy risk-taking, and the value of equity in fast-growing private tech companies.
Media outlets, commentators, and entrepreneurs often cite the anecdote when advising creatives and contractors to consider equity as part of compensation packages. It functions as a cautionary and inspirational tale: a relatively small cash foregone early on turned into a life-changing amount when the company went public.
The case is also discussed in business education and startup culture pieces as a concrete illustration of the asymmetric payoff structure of equity: a modest early concession can turn into a major financial outcome if the company grows exponentially.
That narrative value is precisely why many pieces revisiting the story repeatedly ask did david choe sell his stock — because confirming whether and how he realized gains closes the loop on the anecdote.

Related controversies and context

Contextual note (fact-based, neutral):

David Choe’s public profile includes controversies and critical coverage unrelated to the stock question. Reporting in later years examined statements and conduct in his career, which affected public reception of his work and legacy.
It is important to treat such controversies as separate from the verifiable financial facts about the stock transaction. The question did david choe sell his stock remains a factual matter about equity receipt and sale; broader reputational issues are context for public reaction but do not change whether he sold shares.

Financial and tax considerations (general note)

General, non-specific points to consider about selling private-company equity around an IPO:

Lock-up periods: Many private-company shareholders are subject to contractual lock-up agreements that limit sales for a set period after an IPO (typically 90–180 days). Whether and when a private stakeholder can sell after an IPO depends on those agreements.
Taxes: Selling appreciated company stock triggers tax consequences. In many jurisdictions, sales of long-held private equity may qualify for capital gains treatment, while shorter holding periods or specific instruments may trigger different tax outcomes. The exact tax burden depends on purchase price basis, holding period, local tax law, and any applicable exemptions or deferrals.
Liquidity and market impact: For very large shareholdings, selling on the market can have market-impact considerations; large stakeholders often negotiate secondary sales, block trades, or other arrangements to mitigate price impact.
Private vs. public dispositions: Some pre-IPO sales occur in private secondary markets under negotiated conditions. Public record visibility varies depending on how the sale is executed and who is required to file regulatory disclosures.

Note: Any specific details about David Choe’s taxes, lock-up arrangements, or private sale mechanisms would be private financial information unless voluntarily disclosed or revealed in a filing. There are no public itemized tax documents or filings tying such specifics to Choe that would answer those tax and contractual questions definitively.

References and sources (selected, illustrative reporting)

As of May 2012, according to multiple business and mainstream outlets covering Facebook’s IPO and early shareholders, David Choe’s holding was widely reported to have an approximate on-paper value of about $200 million on the eve of the IPO. These reports are reflected in profiles and interviews published around the IPO period.
Several reputable outlets published profiles and interviews with Choe in the years following the IPO that quote him saying he sold some shares to secure liquidity while retaining some ownership. Those interviews form the basis of the public narrative that did david choe sell his stock — yes, some shares were sold.
Because Choe was not listed in SEC filings as an insider required to report individual transactions and because private grant documentation has not been released publicly, more detailed transaction-level evidence (exact shares, sale dates, and proceeds) is not available for independent verification.

Sources referenced in reporting include mainstream business and news outlets that covered the IPO and Choe’s story. For date context: Facebook’s IPO pricing and public trading began in May 2012; many retrospective profiles and interviews that discuss Choe’s choices and actions were published in the years immediately surrounding and following that event.

Note: This article summarizes public reporting and David Choe’s own public remarks about his Facebook equity. It is neutral and informational and does not offer financial or tax advice. If you are considering equity arrangements or complex tax issues, consult a licensed professional.

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