Billionaire Peter Thiel Sells Majority of Facebook Stake, Pocketing $29 Million

Investor and entrepreneur Peter Thiel has sold 73% of his remaining shares in Facebook, earning $29 million on the sale.

Thiel now owns 59,913 Class A shares of Facebook after he sold 160,805 shares on Nov. 20, according to an SEC filing Tuesday.

An early investor in Facebook, Thiel currently sits on the social-media giant’s board, which he first joined in 2005. Following Facebook’s IPO in 2012, Thiel sold about 20 million of the 26 million Facebook shares he owned at the time for $400 million.

Thiel has a net worth of $2.6 billion, according to Forbes. He first amassed his wealth after co-founding PayPal, which eBay acquired for $1.5 billion in 2002. Thiel also co-founded Palantir Technologies, a data-analytics and antifraud software company valued at $20 billion, in which he owns a significant stake.

RELATED:  Check out Peter Thiel through the years: 

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Peter Thiel through the years
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Peter Thiel through the years
Paypal co-founder Peter Thiel speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. REUTERS/Jonathan Ernst
Portrait of Peter Thiel, a tech investor, entrepreneur, venture capitalist, fund manager and co-founder of Paypal, taken at his San Francisco office of the Founder's Fund. (Photo by Kim Kulish/Corbis via Getty Images)
Portrait of Peter Thiel, a tech investor, entrepreneur, venture capitalist, fund manager and co-founder of Paypal, taken at his San Francisco office of the Founder's Fund. (Photo by Kim Kulish/Corbis via Getty Images)
SQUAWK BOX -- Pictured: Peter Thiel, American entrepreneur, venture capitalist, and hedge fund manager. Thiel also co-founded PayPal with Max Levchin and Elon Musk and served as its CEO; he is pictured here in an interview on September 17, 2014 -- (Photo by: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images)
AUSTIN, TX - MARCH 12: Peter Thiel speaks onstage at Peter Thiel: You Are Not A Lottery Ticket during the 2013 SXSW Music, Film + Interactive Festival at Austin Convention Center on March 12, 2013 in Austin, Texas. (Photo by Jordan Naylor/Getty Images for SXSW)
BEIJING, CHINA - FEBRUARY 27: (CHINA OUT) Peter Thiel, co-founder of PayPal Inc., speaks during a forum themed on entrepreneurship and investment at China National Convention Center on February 27, 2015 in Beijing, China. (Photo by VCG/VCG via Getty Images)
Peter Thiel, head of Clarium Capital Management LLC and founding investor in PayPal Inc. and Facebook Inc., listens during the LendIt USA 2016 conference in San Francisco, California, U.S., on Tuesday, April 12, 2016. Thiel discussed his outlook for the tech industry. Photographer: Noah Berger/Bloomberg via Getty Images
NEW YORK, NY - NOVEMBER 03: Partner at Founders Fund Peter Thiel participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City. (Photo by Neilson Barnard/Getty Images for New York Times)
BEIJING, CHINA - FEBRUARY 27: (CHINA OUT) Peter Thiel, co-founder of PayPal Inc., speaks during a forum themed on entrepreneurship and investment at China National Convention Center on February 27, 2015 in Beijing, China. (Photo by VCG/VCG via Getty Images)
CLEVELAND, OH - JULY 21: Peter Thiel, co-founder of PayPal, delivers a speech during the evening session on the fourth day of the Republican National Convention on July 21, 2016 at the Quicken Loans Arena in Cleveland, Ohio. Republican presidential candidate Donald Trump received the number of votes needed to secure the party's nomination. An estimated 50,000 people are expected in Cleveland, including hundreds of protesters and members of the media. The four-day Republican National Convention kicked off on July 18. (Photo by Alex Wong/Getty Images)
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Thiel has been the tech industry’s biggest booster of Donald Trump, having donated $1.25 million to Trump’s presidential campaign and organized a meeting of tech CEOs with Trump last December. Recently, however, Thiel has reportedly become disillusioned with the administration.

Last year, Thiel was revealed to have funded Hulk Hogan’s lawsuit and two other suits against Gawker Media, which led to Gawker’s filing for bankruptcy and the sale of most of its assets to Univision Communications. Thiel, who said in a speech at the 2016 Republican National Convention that “I’m proud to be gay,” remained upset about a 2007 Gawker article that reported he was gay.

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