Tuesday 21 August 2012

Facebook director Thiel cashes out

Last Thursday and Friday, Facebook Inc director Peter Thiel sold roughly $400 million worth of Facebook shares, according to a regulatory filing. Thiel sold his shares at average prices ranging between $19.27 and $20.69 per share after the end of the first lockup, which barred early investors and insiders from selling shares following the IPO.

Thiel, who co-founded PayPal and was among Facebook's earliest backers, still owns roughly 5.6 million shares of Facebook.

Thiel, the libertarian entrepreneur who pays students $100,000 each to drop out of school and pursue business ideas, is one of Silicon Valley's more prolific investors. After selling his then-startup PayPal in 2002 for $1.5 billion, Thiel bankrolled Facebook in its early days.

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