NEW YORK — Peter Thiel, one of Facebook’s earliest investors, was among the insiders selling stock in the social network after a lockup expired last week.
A regulatory filing says 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.
Thiel first invested $500,000 in Facebook in 2004 and sold 16.8 million shares in the company’s May initial public offering.
Thursday marked the expiration of the first of several lockup periods for insiders selling Facebook’s stock following its IPO.
Source: The Associated Press