Facebook Investor Sells $400 Million of Stock
Peter Thiel, one of Facebook’s early investors, sold 20 million shares of the company’s stock last week. Thiel sold his shares for between $19.27 and $20.69 for a total of $396 million.
Thiel, a former CEO of PayPal, was one of the first investors in Facebook as early as 2004. In May, Thiel sold $640 million worth of his shares. Thanks to his selling of Facebook shares last week, Thiel has no more or only a few shares of Facebook stock.
Last Thursday marked the end of the first lockup period for early Facebook investors and shareholders. Facebook closed at $20.01 on Monday – up 5% (96 cents) for the day. The next big lockup ends this coming October-November. For the first time, Facebook employees will be able to sell their Facebook stock.
Will Facebook employees push along the downward spiral of their company’s stock? We will soon know so stay tuned!