Facebook (FB) Slumps as Large Early Investor Sells Out
Tweet
Share
E-mail
Get Alerts FB Hot Sheet
Join SI Premium – FREE
Facebook (Nasdaq: FB) shares are lower Tuesday morning following the late-Monday disclosure from investor Peter Thiel of a large sale.
Thiel said he shipped off over 20 million shares of Facebook on August 16th and 17th.
The sale might hint at lack of support for Facebook -- which may be true -- but given that Thiel invested $500,000 with Facebook in 2004, the $400,000,000 payday wasn't too shabby. He held 27.9 million shares following the IPO, with 9 million being freed up from the conversion from Class B to Class A.
Thiel is still said to retain over 5.5 million shares.
Since its IPO on May 18th, Facebook shares have dropped over 50 percent. Tuesday morning, the stock is down another 2 percent.
Thiel said he shipped off over 20 million shares of Facebook on August 16th and 17th.
The sale might hint at lack of support for Facebook -- which may be true -- but given that Thiel invested $500,000 with Facebook in 2004, the $400,000,000 payday wasn't too shabby. He held 27.9 million shares following the IPO, with 9 million being freed up from the conversion from Class B to Class A.
Thiel is still said to retain over 5.5 million shares.
Since its IPO on May 18th, Facebook shares have dropped over 50 percent. Tuesday morning, the stock is down another 2 percent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Angel founders transfer 10M+ super-voting shares to mission trust
- Dollar Tree (DLTR) falls 5.6% after Director filed notice to sell $133.1M worth of shares
- Situational Awareness LP discloses 10% stake in SharonAI Holdings
Create E-mail Alert Related Categories
Insider Trades, Insiders' BlogRelated Entities
Clarium Capital Management, Peter ThielSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
