Peter Thiel Makes $400 Million From Original Facebook Investment
BY Michelle Garcia
August 21 2012 12:30 PM ET
PayPal cofounder Peter Thiel has reportedly sold 20.6 million Class A Facebook shares, earning him approximately $400 million on his original $500,000 investment.
Thiel, who is gay, owned 9 million Class B shares from his original investment in Facebook several years ago, according to Tech Crunch. Facebook was founded in 2004, and Thiel appears to have invested within the company's first year.
He recently had the shares converted to Class A, signaling that he may sell off his investment. The sale occurred days after the offical "lockup," prohibiting sales of the stock for a short period of time after the company went public in May at $38 per share. The price has since dropped by half.
Facebook CEO Mark Zuckerberg recently told employees that the company's sinking stock price has been "painful." It was introduced Thiel, who still sits on the board of directors for Facebook, appears to have made the investment on behalf of the Founders Fund.
- Politics Timeline: When Executive Orders Came First? 1 hour 13 min ago
- Current Issue One Issue Still Bucks The Trend for LGBT Equality 2 hours 12 min ago
- Commentary Op-ed: 'License to Discriminate' Bills Will Keep Coming 4:00 AM
- Women Ellen's Oscars' Selfie Gets Simpson-ized! March 06 2014 7:56 PM
- Travel General Motors Hopes to Impress You at Mammoth Gay Ski Week March 06 2014 7:24 PM
- Women WATCH: American Idol's Out Contestant MK Nobilette Does 'Drops of Jupiter' March 06 2014 7:18 PM
- Books Gay Propaganda Brings Russian Love Stories to Light March 06 2014 6:06 PM