Facebook Director Andreessen’s Firm Sells Third of Shares
Andreessen Horowitz sold 2.28 million shares on Nov. 6, according to a filing with the U.S. Securities and Exchange Commission yesterday. The shares were sold at about $49 to $50 apiece, making the divestment worth more than $111 million, the data show. The firm still holds 4.57 million shares.
Facebook reached a record valuation amid growing optimism about the company’s prospects for making money off its more than 1 billion users, especially those logging on via mobile devices. The company reported a 60 percent surge in revenue in the latest quarter to $2.02 billion, exceeding analysts’ average projection and adding fuel to a share rally that has pushed the stock up 79 percent so far this year.
“The investment and the return fully satisfies our venture thesis,” Margit Wennmachers, a spokeswoman for Andreessen Horowitz, said. “We’re obviously pleased with that.”
Peter Thiel, an early investor in Facebook and a board member, sold more than $1 billion worth of the company’s shares in the IPO and after the end of the first lockup period.
Facebook, based in Menlo Park, California, declined less than 1 percent to $47.53 at yesterday’s close in New York.
Bloomberg LP, the parent of Bloomberg News, is an investor in Andreessen Horowitz.
To contact the editor responsible for this story: Pui-Wing Tam at firstname.lastname@example.org