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Peter Thiel Jumps the Facebook Ship

Early Facebook investor and board memeber sells nearly all his stock

By: David Shear
Published: August 21st, 2012 in Business » World
Peter Thiel is all smiles after having cashed out over $400 million of FB stock

Facebook (FB on NASDAQ) board member and early investor, Peter Thiel, has sold almost all his Facebook shares last week, according to documents filed with the SEC.

Thiel, co-founder of PayPal and one of the most successful venture capitalists of all time, has sold his 22.3 million shares of Facebook on Aug. 16 and Aug. 17 for an average of $20 a share, raising around $446 million from the sale. Thiel purchased his shares for $500,000 in 2004.

Last Thursday Facebook lifted their lock-up period for many early investors, meaning that those investors can now sale their shares. Having watched the value of their shares lose nearly 50% since the company went public, it is no surprise that many investors took advantage of this opportunity.

Thursday lock-up expiration is the first of five insider-sale restrictions scheduled during the company’s first year as a public company. By November, another 1.44 billion shares will freed up.

Is Thiel’s exit a warning for investors?

As of writing, Facebook is still at $19.51 a share, down 2.5% today.

Related articles: Peter Thiel, Facebook, Mark Zuckerberg, Social Media, PayPal, Venture Capitalist, Stock
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