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: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.