Bailing out before a break?
Billionaire Peter Thiel, an early investor in Facebook Inc., sold 73 percent of his stake in the social-media company this week.
Thiel, a member of Facebook’s board, sold 160,805 shares for $29 million, according to a regulatory filing Tuesday.
The transactions are the latest in a series of sales in recent years that have left Thiel, 50, with 59,913 shares valued at $11 million.
Facebook shares have surged 58 percent this year through Tuesday.
(via Bloomberg)
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