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Facebook director dumps shares

by on11 November 2013

What does he know?

Facebook director Marc Andreessen's venture-capital firm has flogged a third of its stake in the social notworking outfit.

Andreessen Horowitz flogged off 2.28 million shares on November 6 at about $49 to $50 a share, according to a filing with the U.S. Securities and Exchange Commission on Friday. It still owns 4.57 million shares. Andreessen Horowitz spokeswoman Margit Wennmachers said that the outfit are big believers in Facebook and are hanging on to big portion of their shares.

Marc Andreessen started Netscape, which was acquired by AOL in 1999, he has also invested in online bulletin board Pinterest. The selloff has happened after Facebook finally crawled back to the value of its IPO investment.

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