Marc Andreessen Has Sold Nearly 75% Of His Facebook Stock In Two Weeks

Marc Andreessen

Marc Andreessen has sold 75% of his holdings in Facebook in just a two week period according to¬†Re/code’s Kurt Wagner.

The sell-off was spotted in SEC filings. Andreessen started selling the shares on October 30 via a prearranged trading plan.

At the end of two weeks he offset $160 million in Facebook shares at a total value of about $160 million.

It is estimated that his share sale is worth an estimated 73% of his total Facebook value.

Andreessen, a Facebook board member since 2008, mentored CEO Mark Zuckerberg back when Yahoo tried to buy the company for $1 billion in 2006.

“Every single person involved in Facebook wanted Mark to take the Yahoo offer,” Andreessen recently said in a New Yorker profile. “The psychological pressure they put on this 22-year-old was intense. Mark and I really bonded in that period, because I told him, ‘Don’t sell, don’t sell, don’t sell!'”

That mentoring has paid off with Facebook now listed as one of the 5 most valuable company’s in the world. That $1 billion wouldn’t be worth one-half of 1% of today’s Facebook valuation.

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Andreessen Horowitz has not explained why Andreessen has sold a massive number of shares.

 

Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies. He can be reached at Student Loan Ninja.