Thiel Sells Facebook Shares

At least someone’s still making money off of Facebook. Facebook Inc. director Peter Thiel sold most of his shares in the social-networking website, after restrictions on insider sales ended. He sold roughly 20.1 million shares Aug. 16–17, raising about $395.8 million. But he had already taken in some $640.1 million during the company’s initial public offering. Thiel had initially invested $500,000 in the company back in 2004. Facebook unlocked 271.1 million shares last week, and another 1.44 billion shares will be unlocked by November.