Early Facebook backer Peter Thiel has cashed out the majority of his stake, according to a filing with the SEC.
He's sold 20.6 million shares at an average price of ~$20. He's holding on to 5.6 million shares.
This looks bad, but it's really not. Thiel made a $500,000 angel investment in Facebook in 2004. Eight years later, he's ready to cash out.
We're sure he would have liked to make more money, but $406 million is pretty good. Plus, he's already sold some of his shares during the IPO netting $638 million.
That's over $1 billion from a $500,000 investment.
And he's still got millions of shares which can appreciate further in value.
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