Thiel sold more than 16 million Facebook shares during the social network’s initial public offering, according to Bloomberg, and he currently holds more than 27 million shares in the company.
Bloomberg pointed out that Thiel is giving up some control over Facebook, as class-B shares offer their holders greater voting power.
Erik Gordon, a professor at the Ross School of Business at the University of Michigan, told Bloomberg:
It’s certainly not a vote of confidence when a guy who knows as much about it as Peter Thiel knows about it wants to get the rest of his stock into a position so that he can sell it quickly.
Facebook Chief Financial Officer David Ebersman was in New York last Friday meeting with large investors in the social network prior to the date when they are no longer restricted from selling their shares, which happens to be this Thursday.
Readers: Should Facebook be concerned that one of its own directors appears to be taking steps to sell a large chunk of shares?