Facebook Inc (NASDAQ:FB) director Peter Thiel sold roughly 20 million shares in the Internet social networking company last week, cashing out the majority of his stake, according to a regulatory filing.
Thiel sold his shares on Thursday and Friday, at prices ranging between $19.27 and $20.69 per share, as the first "lock-up" barring early investors and insiders from selling shares after the initial public offering was lifted.
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Facebook, founded by Mark Zuckerberg in his Harvard University dorm room, became the only U.S. company to debut with a market value of more than $100 billion. But investors have grown disillusioned with Facebook's inability to articulate a plan to reverse slowing revenue growth.
Shares of Facebook finished Monday's regular trading session at $20.01, down nearly 50 percent from their $38 offering price in May.