Facebook’s stock has fallen nearly 45 percent since it first sold public shares to investors at $38. It was one of the most anticipated IPOs, but investors have been questioning its ability to keep increasing its revenue.
Purchase by company executives or directors are typically considered a vote of confidence in the company.
A regulatory document filed Thursday with the Securities and Exchange Commission shows that Hastings bought nearly 48,000 shares on Wednesday at $21.03 each. Facebook Inc.’s stock closed that day at $20.72.