Xero Stock Rises 13% After Facebook Director Peter Thiel Plans Investment

Xero Ltd. is headed for its biggest gain in almost three months in Wellington trading after the New Zealand accounting software developer said San Francisco-based Peter Thiel plans to buy shares in the business.

Thiel, co-founder of PayPal and a director of Facebook Inc, will invest NZ$4 million ($3 million) through a share placement at NZ$1.4918 a share, Xero said in a statement. The stock rose 6 percent, the biggest gain since July 23, after earlier surging 17 percent.

Xero shares rose 9 cents to NZ$1.58 at the 5 p.m. market close in Wellington.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.