Billionaire Facebook board member Peter Thiel has sold most of his remaining stake in Facebook
- Peter Thiel has sold most of his Facebook shares.
- The shares were sold as part of a pre-determined trading plan designed to protect company insiders from insider trading accusations.
Billionaire venture capitalist Peter Thiel, Facebook's first institutional investor, has sold three-quarters of his remaining stake in the social network, according to a regulatory filing filed on Tuesday.
The sell was part of a pre-determined trading plan designed to protect company insiders from accusations of insider trading. Thiel, who is a member of Facebook's board, now owns 59,913 Class A shares in the company after selling 160,805 shares for about $29 million.
Thiel sold roughly 20 million of his 26 million Facebook shares for $400 million following its stock market listing in 2012