(Credit: Declan McCullagh/CNET)
While this doesn't look great for those hoping that Facebook's stock starts rebounding, it's hard to accuse Facebook investor Peter Thiel of not being a Facebook believer.
Thiel, who in 2004 put in $500,000 to become Facebook's first outside investor, today revealed in an SEC filing that last Thursday and Friday he sold 20.6 million shares at an average price of $19.73. That comes to more than $406 million -- an impressive return even if he did sell at a price almost half Facebook's IPO price of $38 a share. Thiel already cashed out $640 million in the IPO in May.
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Thiel, who is on Facebook's board, still owns about 5.6 million shares, according to the filing.
Other insiders are believed to have sold last week as well. The first so-called "lockup" period expired last Thu... [Read more]