$400 million worth of stock sold.
The woeful tales of Facebook IPO come in every week, reminding the industry time an again what a disaster the most hyped IPO to date has been. Now Reuters is reporting that Facebook Inc. director Peter Thiel has sold the majority shares in his company, over the last week.
At the end of the first lockup that restricted early investors from selling off their shares, Thiel has sold off roughly 20 million shares, amounting to nearly $400 million at rates ranging between $19.27 to $20.69 per share. Thiel was one of Facebook’s earliest supporters , and still owns about 5.6 million shares from the IPO, but he still sold of 77% of his stake.
Facebook Inc. share price currently stands at $20.01 which is a 48% drop in value from the $38 per share offering when the IPO went live three months ago.