By Barbara Ortutay, The Seatle Times:
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.
A regulatory filing on Monday said that Thiel, a former CEO at PayPal sold about 20 million shares of Facebook through affiliates such as his Founders Fund and other entities last week. The shares were sold on Thursday and Friday for between $19.27 and $20.69, for a total of about $396 million.
Though Facebook’s stock has lost nearly half of its value since its initial public offering, Thiel made out well. As one of Facebook’s initial investors, he first invested $500,000 in the company in 2004. He sold 16.8 million shares in the company’s May initial public offering for about $640 million. With last week’s sale, Thiel has now sold most of his stake in the company… Read more