Chief Executive and founder of FACEBOOK Mark Zuckerberg has sold 30.2 million personal shares of his company on the 1st day of FACEBOOK'S IPO.
Operating Executive Director Peter Thiel has sold 16.8 million personal shares of his company on the 1st day of FACEBOOK'S IPO.
This is according to the securities filings published late Tuesday. The sales confirm plans detailed in a prospectus before Friday's $16 billion IPO.
Zuckerberg sold 30.2 million shares at a price of $37.58 for gross proceeds of $1.13 billion!
Thiel sold 16.8 million shares for gross proceeds of $633 million.
Meanwhile the suckers who were dumb enough to gamble their personal fortunes on a Tech stock whose current single source of revenue is add sales are being taken to the cleaners.
Some are saying that NASDAQ'S faulty trades, combined with GM announcing they were no longer going to advertise on FACEBOOK caused a much anticipated Tech IPO to flounder and sink, when it should have shot to the high 60's on the initial days offering.
As of 5/22/12 FB -8.90% shares were down 0.8% after hours at $30.74
My personal take on this FACEBOOK IPO disaster is that certain parties Globally as well as TPTB on Wallstreet were not given the special deals and back room agreements that they wanted, so they stepped in and piece by piece made sure that FACEBOOK failed miserably and publicly. I can assure you that NASDAQ'S failure to handle the trading properly, GM coming out just a day or two ahead of the FACEBOOK IPO and denouncing FB'S ability to sell products, coupled with the HIGHLY ILL-ADVISED bloating of the offering 48 hours before the IPO sunk FB"S IPO.
All of these missteps were deliberate and easily avoidable had the right parties TPTB had been given what it was they wanted. As to what TPTB wanted...?