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Facebook discloses insider sales

November 14, 2012: 4:21 PM ET

Facebook unlocked!

FORTUNE -- Facebook announced which of its directors distributed or sold stock on Wednesday as part of the social network's unlocking of nearly 800 million shares.

According to its SEC filing, here are the details:

  • Andreessen Horowitz has distributed a total of around million 4.64 million shares. The majority are derived from Andreessen Horowitz's investment in Instagram (which was later acquired by Facebook for cash and stock), rather than from Andreessen Horowitz's direct investment in Facebook. Andreessen also is selling some personal shares to cover personal tax liabilities, while one of its LPs also requested (and received) a distribution related to Andreessen Horowitz's direct investment.
  • Marc Andreessen received a distribution of 7,755 shares, related to his limited partnership interest in Greylock.
  • Andreessen/Andreessen Horowitz continue to hold around 3.87 million shares.
  • Jim Breyer, who represents Accel Partners on the Facebook board, is not mentioned. Breyer had sold around 3.5 million of personal shares last month as part of an earlier lockup expiration, while Accel Partners distributed around 22 million shares.
  • Also not mentioned is Peter Thiel, but I'd expect something shortly (at the very least because he's an LP in Andreessen Horowitz, so should have received a distribution).

There was no mention of Facebook (FB) founder and CEO Mark Zuckerberg finally selling some of his holdings. To date, Zuckerberg only has sold shares to cover tax obligations, and donated some to a charitable foundation. He also has pledged not to sell until next September.

Capital gains tax rates increase on January 1, which would affect VC directors Marc Andreessen and Peter Thiel and many limited partners.

Facebook stock today jumped 12.59% to finish the day at $22.36 per share. Got to wonder if there weren't as many distributions as the shorts had expected, thus putting on a bit of a squeeze.


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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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