Unlike Facebook CEO Mark Zuckerburg, Facebook's first major investor and board member Peter Thiel can sleep a little easier at night. Last week marked the expiration of a lockup period which prohibited insiders from selling their stock and you didn't have to ask Thiel twice on his decision to sell. Thiel sold big time, dumping 20.1 million shares between Thursday and Friday of last week.
Overall Thiel actually did all right with his Facebook investment even though the stock has taken a turn for the worse. In 2004, he invested $500,000 into Facebook and this past May after the IPO Thiel sold 16.8 million shares making $640 million. Not a bad flip at all. With his 20.1 million sale last week he made another $396 million. Even though his pockets are fatter the sale basically relinquished Thiel's ownership of Facebook. Safe to assume there will be an awkward silence during the next Facebook board meeting. It was all good a week ago.
[via USA Today]