Facebook director Peter Thiel sold roughly 20 million shares in the Internet social networking company last week, cashing out the majority of his stake, according to a regulatory filing.
Thiel sold his shares on Thursday and Friday, at prices ranging between $19.27 and $20.69 per share, as the first “lock-up” barring early investors and insiders from selling shares after the initial public offering was lifted.
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.
(Reporting By Alexei Oreskovic; Editing by Phil Berlowitz)
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