Joined Nov 11, 2007
31,929 Blog Posts

Eric Jackson: Why Peter Thiel Should Be Ashamed – And Resign From Facebook’s Board Immediately

Peter Thiel should be embarrassed. He’s a director on the Facebook (FB) board. He turned a $500,000 investment in Facebook from 8 years ago into $1 billion. More power to him. God Bless America. None of that is cause for shame.

What is embarrassing is that he has just liquidated 89% of his holdings in Facebook within the last 3 months. Back in May, he owned 44 million shares in the social media company. He sold more than half of that in the initial IPO at $38. Two days after that IPO, when the stock slipped below that offering price, he put in place an automated selling plan in place that would allow him to sell a lot of his stock in the future without fear of being howled at for being an insider dumping shares. That’s because he could just say he’d filed this automated plan for selling purposes.

Full Article

If you enjoy the content at iBankCoin, please follow us on Twitter