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Slideshow Facebook director Thiel sold 20 million shares after lockup Tweet Share this Email Print Related News Facebook shares drop 4 percent, hit another low Fri, Aug 17 2012 Facebook plumbs new lows as sales curbs start to expire Thu, Aug 16 2012 Soros, Coleman among few hedge fund fans of Facebook Tue, Aug 14 2012 Facebook shares dive as deadline for insider sales nears Thu, Aug 2 2012 Rally drives S&P 500 to highest close since May 3 Fri, Jul 27 2012 Analysis & Opinion Facebook’s market meltdown is far from over Facebook costs UBS some of its new friends Related Topics Tech » Media » Facebook » Regulatory News » Breakingviews » Peter Thiel speaks during a news conference on ''nonprofit, nonpartisan organization dedicated to economic research and innovative public policies for the 21st century'' at the National Press Club in Washington October 3, 2011. Credit: Reuters/Yuri Gripas By Alexei Oreskovic SAN FRANCISCO | Mon Aug 20, 2012 7:59pm EDT SAN FRANCISCO (Reuters) - Facebook Inc director Peter Thiel sold roughly $400 million worth of shares in the Internet social networking company last week, cashing out most of his stake, according to a regulatory filing. Thiel sold his shares on Thursday and Friday at average prices ranging between $19.27 and $20.69 per share after the end of the first lockup, which barred early investors and insiders from selling shares following the initial public offering. The sales, in which Thiel sold roughly 20 million Facebook shares, were conducted as a result of a trading plan that Thiel entered into on May 18, according to the filing. Thiel, who co-founded PayPal and was among Facebook's earliest backers, still owns roughly 5.6 million shares of Facebook. A spokesman for Thiel declined to comment on the sales. Accel Partners, a Silicon Valley venture capital firm that was also an early backer of Facebook, distributed roughly 57.8 million Facebook shares to the limited partners and general partners of its various funds on Thursday, according to another filing. The move allows those partners to sell or hold on to their distributed Facebook shares as they see fit. Facebook, founded by Mark Zuckerberg in his Harvard University dorm room, became the only U.S. company to debut with a market value of more than $100 billion. But investors have grown disillusioned with Facebook's inability to articulate a plan to reverse slowing revenue growth. Shares of Facebook finished Monday's regular trading session at $20.01, down nearly 50 percent from their $38 offering price in May. More than 1.4 billion additional shares held by early investors and Facebook employees are set to become available for trading by year's end, as additional post-IPO lockup restrictions are lifted. (Reporting By Alexei Oreskovic; Editing by Phil Berlowitz) (This story was corrected fix the number of shares distributed by Accel to 57.8 million) Tech Media Facebook Regulatory News Breakingviews Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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