Silicon Valley Legend Peter Thiel Sells Facebook Shares

Based on filings with the SEC, Silicon Valley legend Peter Thiel has sold millions of shares of Facebook (NASDAQ: FB) held by various of his funds, most of which carry the Founders LP fund name. The total shares disposed of under the filing were just above 20 million. Thiel is a Facebook director.

Peter Thiel, 44, co-founded PayPal, now a unit of EBay (NASDAQ: EBAY) which is the source of most of his fortune. He currently is head of Clarium Capital–a hedge fund

In August 2004, Thiel bought 10.2% of Facebook for $500,000. That investment has also helped him become one of the most wealthy people in America, although the value of the stock has dropped 50% from its IPO price.

The share sale is not exactly a vote of "no confidence" since Thiel still sits on the Facebook board and owns millions of more shares. However, there is not way to construe the action as good news

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, IPOs Tagged: EBAY, FB