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