Venture-capital firm, Andreessen Horowitz’s Director Marc Andreessen has sold one-third of the firm shares in Facebook Inc (NASDAQ:FB) following the raise of globe’s largest social-networking firm’s stock hit the all time high in last month.
According to U.S. Securities and Exchange Commission filing revealed yesterday that, the venture capital on November 6, sold total 2.28 million shares on Nov. 6. The shares that were sold were worth over $111 million, while each of the shares that sold cost approximate $49 to $50. Despite the huge sale the firm has made it still holds 4.57 million shares of the social networking company.
The US social networking company has recently release a positive outlook of it business which directly boost its market value. The company stock hit all time high during last month by making some strong growth from its 1 billion plus active users, particularly those who are accessing the website through their handsets.
In its latest release quarter the firm has declared a 60% increase in revenue to $2.02 billion, that number also beat analysts’ average expectation as well as boosting share value that so far this year increased 79%.
According to Andreessen Horowitz, spokeswoman Margit Wennmachers, the company has successfully achieved its goal and the profit completely satisfies their venture thesis. And overall the investment firm is happy regarding the success of shares trading.
While another investor and a board member Peter Thiel, of Menlo Park, California, based firm has sold approximately over $1 billion value of the firm’s stocks in the IPO as well as the closing of the initial lockup duration. Facebook Inc (NASDAQ:FB) shares to in last trading session.
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