Facebook director Marc Andreessen’s firm sells third of its stake SAN FRANCISCO: Facebook Inc. director Marc Andreessens venture-capital firm sold a third of its holdings in the worlds biggest social-networking service after the stock price reached a record last month. Andreessen Horowitz sold 2.28 million shares on 6 November, according to a filing with the US Securities and Exchange Commission on Friday. 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 companys prospects for making money off its more than 1 billion users, especially those logging on via mobile devices. The company reported a 60% 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% so far this year. The investment and the return fully satisfies our venture thesis, Margit Wennmachers, a spokeswoman for Andreessen Horowitz, said. Were obviously pleased with that. Peter Thiel, an early investor in Facebook and a board member, sold more than $1 billion worth of the companys shares in the IPO and after the end of the first lockup period. Facebook, based in Menlo Park, California, declined less than 1% to $47.53 at Fridays close in New York.
Posted on: Mon, 11 Nov 2013 09:29:03 +0000