Courtesy of Benzinga.
Director Peter Thiel sold 20.06 million shares of Facebook (NASDAQ: FB) last week.
The sale was prearranged, so it may not come as a big surprise to traders. Thiel was one of the first investors in Facebook, having bought in at the earliest stages of the company.
Shares of Facebook have been trading lower since its IPO. While Thiel’s decision to sell may be seen as a further negative, the venture capitalist may have simply moved to unload his shares in an effort to diversify his investments.
