The Beginning of the End of Facebook? Facebook’s 1st Investor Sells Most of His Shares Worth $1 Billion
Published on August 23, 2012 by admin · No CommentsOne of Facebook’s first investors has bailed out of the firm and sold 20 million shares.
PayPal billionaire Peter Thiel, one of Facebook’s earliest investors and a member of its board, was among the insiders selling stock in the social network after a lockup expired last week, it has emerged.
As one of Facebook’s initial investors, he invested $500,000 in the company in 2004.
A regulatory filing said that Thiel, a former CEO at PayPal sold about 20 million shares of Facebook through affiliates such as his Founders Fund and other firms last week.
Thiel invests in dozens of startups through Founders Fund, and also recently backed a firm planning to grow steaks in the lab.
The shares were sold on Thursday and Friday for between $19.27 and $20.69, for a total of $396 million.
He also sold 16.8 million shares in the company’s May initial public offering, making $640m.
It is now believed he has sold most of his stock in Facebook.
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