Marc Andreessen just sold 15% of his stake in Facebook, right before earnings results

Marc Andreessen has sold about 15% of his stake in Facebook for $US31.9 million, The Wall Street Journal reported.

According to an SEC filing, the venture capitalist and Facebook board member sold a total of 309,464 shares in a prearranged trading plan on Friday and Monday.

Today, Facebook is announcing its Q3 earnings results.

This isn’t the first time Andreessen has sold Facebook shares; in late 2013, he sold 1.65 million class A shares of Facebook, worth almost $US91 million. And in September 2012 he sold some shares to cover a tax bill.

Andreessen became a mentor to Facebook’s Mark Zuckerberg in 2006, when Yahoo made a bid to buy Facebook for $US1 billion. Zuckerberg took Andreessen’s advice and didn’t sell to Yahoo. He ended up making the right choice by listening to Andreessen: Today Facebook’s market cap is about $US290 billion.

Andreessen joined Facebook’s board of directors in 2008.

NOW WATCH: The ‘Michael Jordan’ of eSports just won the biggest gaming championship in the world

NOW WATCH: Tech Insider videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.