Venture capitalist Peter Thiel, Facebook Inc's first institutional investor, has sold three-quarters of his remaining stake in the social network, according to a regulatory filing on Tuesday. Thiel sold roughly 20 million of his 26 million Facebook shares for $400 million following its stock market listing in 2012. HOW THIEL BACKED FACEBOOK In his book The Facebook Effect, David Kirkpatrick outlines how Thiel came to make this investment: Napster co-founder Sean Parker, who at the time had assumed the title of 'President' of Facebook, was seeking investors for Facebook. Later the same year, he sold roughly 20 million of his remaining 26 million shares for $400 million after the expiry of a lockup. He reportedly recently invested in a startup called 3T Biosciences with early Facebook investor Sean Parker.

Source: Daily Mail November 22, 2017 17:54 UTC