Facebook director sells as shares leap
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.
Frequently Asked Questions about this Article…
Marc Andreessen's venture-capital firm, Andreessen Horowitz, sold a portion of its Facebook shares after the stock price reached a record high. This strategic move allowed them to capitalize on the increased valuation of Facebook shares.
Marc Andreessen's venture-capital firm, Andreessen Horowitz, sold a third of its Facebook holdings after the stock price reached a record high. This strategic move was likely influenced by the stock's increased valuation and the firm's desire to capitalize on the gains.
Andreessen Horowitz sold 2.28 million Facebook shares, which were valued between $49 and $50 each, totaling over $111 million.
Andreessen Horowitz sold 2.28 million Facebook shares, according to a filing with the US Securities and Exchange Commission.
After the sale, Andreessen Horowitz still holds 4.57 million Facebook shares.
The Facebook shares sold by Andreessen Horowitz were valued between $49 and $50 each, making the total divestment worth more than $111 million.
Facebook's record valuation was driven by growing optimism about its ability to monetize its user base, particularly through mobile devices, and a 60% surge in revenue in the latest quarter.
After the sale, Andreessen Horowitz still holds 4.57 million Facebook shares.
Facebook's recent financial performance, including a 60% increase in revenue to $2.02 billion, exceeded analysts' expectations and contributed to a 79% rise in its stock price this year.
Facebook's record valuation was driven by growing optimism about its ability to monetize its over 1 billion users, particularly those accessing the platform via mobile devices.
Peter Thiel, an early investor and board member of Facebook, sold more than $1 billion worth of the company's shares during the IPO and after the first lock-up period ended.
Facebook reported a 60% surge in revenue in the latest quarter, exceeding analysts' projections. This strong financial performance contributed to a share rally, pushing the stock up 79% this year.
Facebook's stock declined less than 1% to $47.53 at the close of trading on a recent Friday in New York.
Peter Thiel, an early investor and board member of Facebook, sold more than $1 billion worth of the company's shares during the IPO and after the first lock-up period ended.
For investors, Facebook's mobile user base is significant because it represents a key area for revenue growth, as the company continues to find ways to monetize its over 1 billion users who access the platform via mobile devices.
Facebook's stock declined less than 1% to $47.53 at the close of trading on Friday in New York.
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