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.Twitter