Investor sells US$81m of Facebook stock
Early Facebook investor Jim Breyer has sold US$81m of his stock in the company, according to a regulatory filing.
Managing director at Accel Partners, a venture capital firm, Breyer sold 3,563,387 Class A Facebook shares for $22.7736 per share, believed to be around October 25.
With an estimated net worth of $1.1bn, Breyer still holds 7.2m of shares personally with the social networking site, as the company tries to prove its investment worth to Wall Street.
The news comes a week after Facebook stock rose 19% following the company’s third-quarter reports, with co-founders Mark Zuckerberg and Dustin Moskovitz collecting a combined US$2.3 billion in profits.
The internet giant published revenue of $1.26bn, representing a 32% increase from the $954 million in the same period last year in the financials yesterday, beating Wall Street expectations in the process.
Facebook focused on the positives after the report, with Zuckerberg keen to allude to the company's mobile advances to prospective investors.
“As proud as I am that a billion people use Facebook each month, I’m also really happy that over 600 million people now share and connect on Facebook every month using mobile devices,” Zuckerberg said.
“At the same time, we are deeply integrating monetization into our product teams in order to build a stronger, more valuable company.”