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Facebook director Thiel cashes out, sells 20 million shares

12clicks was right again...

Quote:

SAN FRANCISCO (Reuters) - Facebook Inc director Peter Thiel sold roughly $400 million worth of shares in the Internet social networking company last week, cashing out most of his stake, according to a regulatory filing.

Thiel sold his shares on Thursday and Friday at average prices ranging between $19.27 and $20.69 per share after the end of the first lockup, which barred early investors and insiders from selling shares following the initial public offering.

The sales, in which Thiel sold roughly 20 million Facebook shares, were conducted as a result of a trading plan that Thiel entered into on May 18, according to the filing.

Thiel, who co-founded PayPal and was among Facebook's earliest backers, still owns roughly 5.6 million shares of Facebook. A spokesman for Thiel declined to comment on the sales.

Accel Partners, a Silicon Valley venture capital firm that was also an early backer of Facebook, distributed roughly 57.8 million Facebook shares to the limited partners and general partners of its various funds on Thursday, according to another filing. The move allows those partners to sell or hold on to their distributed Facebook shares as they see fit.

Facebook, founded by Mark Zuckerberg in his Harvard University dorm room, became the only U.S. company to debut with a market value of more than $100 billion. But investors have grown disillusioned with Facebook's inability to articulate a plan to reverse slowing revenue growth.

Shares of Facebook finished Monday's regular trading session at $20.01, down nearly 50 percent from their $38 offering price in May.

More than 1.4 billion additional shares held by early investors and Facebook employees are set to become available for trading by year's end, as additional post-IPO lockup restrictions are lifted.

(Reporting By Alexei Oreskovic; Editing by Phil Berlowitz)
(This story was corrected fix the number of shares distributed by Accel to 57.8 million)

SOURCE

400 million.... I would never be seen again.

so did he make his money back? how much did he put into facebook before?

500k to 400m in 8 yrs, what a hit!

Cashing out 80% of your shares as soon as you're legally permitted to sell? Sounds like he's getting out before the share price bombs, even though he knows his actions will probably lower it further. Things that make you go hmmmm.

So it's already dropped by half, he only put in $500k to begin with and he sells the moment he's able to?

Sounds like someone has no faith in the company he works for at this point.

He explained it as having other projects he needs to fund - he could leave it in FB and maybe quad it, or he could invest in another few startups and get much richer

Quote:

Originally Posted by DWB (Post 19137112)

400 million.... I would never be seen again.

He needed it for his seasteading project.

i wouldnt be suprised if they ask mark to step down like they did with jobs

Quote:

Originally Posted by DWB (Post 19137112)

400 million.... I would never be seen again.

We would probably see you on CNN within a month :1orglaugh

.

I don't give a fuck about FB...

Quote:

Originally Posted by L-Pink (Post 19137211)

We would probably see you on CNN within a month :1orglaugh

.

:1orglaugh

Quote:

Originally Posted by candyflip (Post 19137142)

Sounds like someone has no faith in the company he works for at this point.

Not necessary no faith, maybe he merely understands that shares and company price were way overrated.

Quote:

Originally Posted by u-Bob (Post 19137184)

He needed it for his seasteading project.

Even if that would not be the case he would still have to justify the sellout. So he would say something like that in any case.

It should come as no surprise. This was a planned sale from back in May. Pretty common for early investors to ring the cash register.

Quote:

Originally Posted by Furious_Male (Post 19137692)

It should come as no surprise. This was a planned sale from back in May. Pretty common for early investors to ring the cash register.

True and nothing wrong with that.

Get short fb and stay short until 15

Quote:

Originally Posted by u-Bob (Post 19137706)

True and nothing wrong with that.

Pretty much this, and when the stock drop a buck or two (I could be wrong, but...) he will buy it all back up and then stir up the interest of investors again... driving the price back up.

That's a hell of a lot of shares not to make a dent in the market. Everything is ok (for now) boys. I am pretty sure it was a calculated decision.

Not a good thing if you have money invested there...