Facebook Director Dumps Shares
According to a recent Securities and Exchange Commission filing, Facebook (NASDAQ:FB) director Marc Andreessen’s venture-capital firm, Andreessen Horowitz, sold a third of its Facebook shares last week.
The filing, which can be seen here, shows that Andreessen Horowitz sold 2.28 million Facebook shares at between $49 and $50 per share on November 6. The firm still owns 4.57 million shares in the social networking site.
A spokeswoman for the firm told AllThingsD that Andreessen Horowitz believes its investment in Facebook is a successful one, which is why the company is holding onto a good portion of its shares. Selling some of the Facebook shares allowed Andreessen Horowitz to return money to its investors. “Venture investing involves a lot of experimentation,” Margaret Wennmachers said. “Not all of them work. This one worked. … We’re still feeling very good about Facebook.”
Marc Andreessen was a Facebook director before he co-founded Andreessen Horowitz; AllThingsD said the firm was a relatively late investor in Facebook. Even so, the firm is apparently still profiting from its investment in the site.