Founders Fund, a venture capital firm and early investor in Facebook, has sold all of its holdings in the social media giant, according to a regulatory filing made late Monday. The move was part of a previously established plan by the firm’s partner and Facebook board member, Peter Theil.
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Thiel now owns just 63,550 Class A shares, according to Reuters, both independently and through another fund. In addition to the Founders Fund, Thiel is also behind Mithril Capital Management. Last week, the entrepreneur and PayPal co-founder, sold a stake worth $4 million, including the shares he indirectly held through Founders Fund. And in 2012, he sold 16.8 million of his own shares of Facebook, followed by another 20 million worth about $400 million.
Thiel is well-known for making waves: He’s one of Silicon Valley’s only vocal supporters of President Donald Trump and was responsible for funding the Hulk Hogan lawsuit that led to the shutdown of online news website Gawker. He became a Facebook investor in 2004.
Some have called for Thiel’s removal from Facebook’s board but Mark Zuckerberg, the company’s chief executive officer, has cited the importance of diversity of opinion as a reason for Theil to stay.
Founder’s Fund was launched in 2005 by Thiel, Ken Howery and Luke Nosek — also PayPal cofounders — and digital-music service Napster co-founder Sean Parker. The firm has invested in other popular brands like homestay service Airbnb and Elon Musk’s aerospace company SpaceX.