Billionaire Facebook board member Peter Thiel has sold most of his remaining stake in Facebook

Tristan Fewings/Getty ImagesPeter Thiel.
  • Peter Thiel has sold most of his Facebook shares.
  • The shares were sold as part of a pre-determined trading plan designed to protect company insiders from insider trading accusations.

Billionaire venture capitalist Peter Thiel, Facebook’s first institutional investor, has sold three-quarters of his remaining stake in the social network, according to a regulatory filing filed on Tuesday.

The sell was part of a pre-determined trading plan designed to protect company insiders from accusations of insider trading. Thiel, who has been a member of Facebook’s board since 2005, now owns 59,913 Class A shares in the company after selling 160,805 shares for about $US29 million.

Thiel sold roughly 20 million of his 26 million Facebook shares for $US400 million following its stock market listing in 2012. He unloaded roughly $US101 million worth of additional shares in May 2016. He initially invested $US500,000 in Facebook in 2004.

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