Facebook director sells as shares leap
Facebook director Marc Andreessen's venture-capital firm sold a third of its holdings in the world's biggest social-networking service after the stock price reached a record last month.
Andreessen Horowitz sold 2.28 million shares on November 6, according to a filing with the US Securities and Exchange Commission. The shares were sold for $49 to $50 apiece, making the divestment worth more than $111 million, the data show. The firm still holds 4.57 million shares.
Facebook reached a record valuation amid growing optimism about its prospects for making money off more than 1 billion users, especially those logging on via mobile devices.
The company reported a 60 per cent surge in revenue in the latest quarter to $2.02 billion, exceeding analysts' average projections and adding fuel to a share rally that has pushed the stock up 79 per cent this year.
Peter Thiel, an early investor in Facebook and a board member, sold more than $1 billion of the company's shares in the IPO and after the end of the first lock-up period.
Facebook declined less than 1 per cent to $47.53 at Friday's close in New York.