Peter Thiel Sells Majority of Shares in Facebook
Summary
According to a statement filed with the SEC (read here), early Facebook (Nasdaq: FB) investor and board member Peter Thiel sold the majority of the remaining shares in his hands last week.The filing is on behalf of the Founders Fund, in which he is partner, and other entities such as Lembas LLC and Rivendell One LLC.Thiel, also a former CEO at PayPal, sold 20.6m Class A shares at an average price of $19.73 earning approximately $396m for an original $500k investment.He had also sold 16.8m shares in the company’s May IPO, earning $640m.Following the sale, Thiel remains with 5.6m Class A shares.
Funding
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