Explaining Facebook's Epically Complex Stock Lockup

Facebook director Peter Thiel Photograph by Chip Somodevilla/Getty Images

Facebook director Peter Thiel collected almost $400 million selling most of his remaining stake in the social network over two days last week. The quick sell-off came right after the end of Facebook’s first “lockup” period, which prevented insiders like him from trading shares for 90 days after the company went public.

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