Find a Question:
Marc Andreessen sells 73% of its shares in Facebook
The Marc Andreessen board member of Facebook since 2008 and is considered one of the earliest investors in Facebook sold more than 1.5 million shares of Facebook shares during the past two weeks worth about $ 160 million, according to a statement to the Securities and Exchange Commission and the stock exchange.
The Andreessen since October 30 to give up more than 73% of the total ownership in the company, and has to give up 90% of its shares with a Category A shares do not have voting rights.
The Andreessen sale around the time of the Facebook network to declare its financial results for the third quarter of the current fiscal year on the fourth of November, which exceeded analysts’ estimates and added a new step to through Facebook.
Where the number of active users exceeded one billion people a day, and the company’s shares rose about 6% from the end of October to November twelfth.
Marc Andreessen and still owns nearly 378 thousand shares of Category B, Analysts point out that the voting rights of the shares not matter anyway, where controlled Mark Zuckerberg founder and CEO of Network Facebook 60% of the voting power of the Council.
The Andreessen sold his shares of stock trading 10b5-1 according to plan, this plan and allow the sale of shares according to a specific timetable to reduce the issue or any issue related to the movements internal to the company.
It should be noted that despite the large amount of money obtained by Andreessen but that what he had done from the sale of a large amount of its share of equity and in a very short period not exceeding two weeks is not considered common among corporate executives.
Where it is usually the sale of shares in a manner planned in advance and on a regular and consistent intervals, and Andreessen spokesman declined to comment on the subject.Viewing:-149
Answer this Question
You must be Logged In to post an Answer.
Not a member yet? Sign Up Now »
Star Points Scale
Earn points for Asking and Answering Questions!