- Board member unloaded about three-fourths of his holdings
- Facebook reported third-quarter revenue that beat estimates
Web-browser pioneer and investor Marc Andreessen has sold almost three-quarters of his Facebook Inc. stock for about $160 million since the end of October, according to regulatory filings.
Andreessen, famed for helping seed Facebook and a board member since 2008, unloaded 1.51 million shares as the company’s stock hovers near an all-time high, more than three years after the social-networking company went public in May 2012.
Facebook, which runs the world’s biggest social network, earlier this month reported third-quarter sales of $4.5 billion, beating analysts’ estimates. The stock has jumped 33 percent this year and closed little changed at $104.04 Monday.
While on Facebook’s board, Andreessen is a more prolific poster on another social media site: Twitter. There, he’s known for his many-tweets-long arguments about how the technology market is not in a bubble.
Emails and phone calls to Andreessen’s venture firm, Andreessen Horowitz, were not immediately returned outside of business hours. Re/code first reported on the stock sale.
The sales add to those by Peter Thiel, the first outside investor in Facebook, who sold $100.4 million in shares back in August, according to data compiled by InsiderInsights. Thiel, a director of the Menlo Park, California-based company, sold 1.07 million shares on Aug. 11, according to a regulatory filing.