Back in May, when the Facebook IPO still seemed the like largest driver of wealth creation this side of the Gold Rush, Peter Thiel opted to sell only half his position in the social network, restricted somewhat by a lockup agreement requiring early shareholders to hold on to some of their stock.
However, financial documents filed today with the Security and Exchange Commission show that Mr. Thiel rushed to sell “nearly all” of his shares once the lockup expired by last Thursday, netting $395.8 million last week. That’s in addition to the $638 million he made in May selling 16.8 million shares during the IPO, which brings Mr. Thiel’s total earnings to more than $1 billion and counting.
Not bad for a $500,000 investment made in 2004, especially considering public shareholders have watched the stock’s value drop almost 50 percent from the misguided IPO price of $38 per share. Read More