Facebook Inc. (FB:US) Director Marc Andreessen’s venture-capital firm sold a third of its holdings in the world’s biggest social-networking service after the stock price reached a record last month.
Andreessen Horowitz sold 2.28 million shares on Nov. 6, according to a filing (FB:US) with the U.S. Securities and Exchange Commission yesterday. The shares were sold at about $49 to $50 apiece, making the divestment worth more than $111 million, the data show. The firm still holds (FB:US) 4.57 million shares.
Facebook reached a record valuation amid growing optimism about the company’s prospects for making money off its more than 1 billion users, especially those logging on via mobile devices. The company reported a 60 percent surge (FB:US) in revenue in the latest quarter to $2.02 billion, exceeding analysts’ average projection and adding fuel to a share rally that has pushed the stock up 79 percent so far this year.
“The investment and the return fully satisfies our venture thesis,” Margit Wennmachers, a spokeswoman for Andreessen Horowitz, said. “We’re obviously pleased with that.”
Peter Thiel, an early investor in Facebook and a board member, sold more than $1 billion worth of the company’s shares in the IPO and after the end of the first lockup period.
Facebook, based in Menlo Park, California, declined less than 1 percent to $47.53 at yesterday’s close in New York.
Bloomberg LP, the parent of Bloomberg News, is an investor in Andreessen Horowitz.
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