Marc Andreessen has sold nearly 75% of his Facebook stock in two weeks
AP ImagesMarc Andreessen
Marc Andreessen has sold a whopping proportion of his Facebook stock in the last two weeks, Re/code's Kurt Wagner points out based on SEC filings.Andreessen's spree started on October 30 and has continued via a prearranged trading plan, amounting to a grand total of 1.5 million shares valued around $160 million.
That's more than 73% of Andreessen's ownership of the company, Wagner calculates.
Andreessen, a Facebook board member since 2008, mentored CEO Mark Zuckerberg back when Yahoo tried to buy the company for $1 billion in 2006.
"Every single person involved in Facebook wanted Mark to take the Yahoo offer," Andreessen recently said in a New Yorker profile. "The psychological pressure they put on this 22-year-old was intense. Mark and I really bonded in that period, because I told him, 'Don't sell, don't sell, don't sell!'"
As far as selling goes, Business Insider reached out to Andreessen via his firm Andreessen Horowitz for any explanation for his off-loading of Facebook stock.