1:51 pm - Tuesday December 12, 2017

Facebook director’s firm sells third of its stake to social networking giant

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Facebook director’s firm sells third of its stake to social networking giant
Facebook director’s firm sells third of its stake to social networking giant

Islamabad – Facebook’s director Marc Andreessen’s venture-capital firm has reportedly sold a third of its stake to the social networking giant.

Andreessen’s firm, Andreessen Horowitz sold 2.28 million shares on November 6 at about 49 dollars to 50 dollars a share.

According to Dawn, the firm still holds 4.57 million shares in Facebook.

The firm’s spokeswoman Margit Wennmachers said that firm’s investment thesis was successful, adding that, they are big believers in Facebook, which is why they are holding on to big portion of their shares.

The report added that Andreessen Horowitz has invested in some of the country’s hottest start-ups, including Facebook and online bulletin board Pinterest.

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