Credit:
Peter Thiel, one of Facebook's earliest investors, has taken advantage of the expiration of a lock-up period last week and has sold 22.3 million shares -- almost all the stock he owns in the company -- according to documents filed with the SEC.
The
_blank">sale, at a price of around $20, means Thiel netted about $446 million and now has another 1.3 million shares left. Thiel was one of many investors to take advantage of last Thursday's lock-up expiration. The end of that first lock-up period freed up a total of 271 million shares.
Predictably, Facebook's share price fell at the time, hitting a new low of $19.69.
Facebook's stock closed at $20.01 on Monday and was up slightly in afterhours.