Facebook’s first major investor, Peter Thiel, has sold 75% of its remaining stake in the social network, according to documents sent to the market regulator.
Thiel, who is a member of the Facebook board, had already sold more than $ 1 billion in shares before sending the statement to the market on Tuesday (21).
He said, he sold another 160,805 shares for about $29 million. With holdings in 59,913 Class A shares of the company.
Thiel co-founded the PayPal payment service. After that he became a Facebook investor in 2004 with an initial contribution of $500,000, which led the company to have a market value valued at $5 million.
Peter Theil was the only big name in Silicon Valley to support President Donald Trump. So some have asked for his removal from the Facebook board. Chief executive and co-founder Mark Zuckerberg, however, said that Thiel should stay, citing the importance of diversity of opinion in the company.
A representative of Facebook called the sales of Peter Thiel routine. And said there is nothing new to comment on the investor seat on the board of the company.