Money

Facebook Director Peter Thiel Has Earned $1 Billion in Total Facebook Stock Sales, as Stock Price Falls

| by Michael Allen

Peter Thiel, Facebook's Director, sold most of his shares in the social media site for a whopping $1 billion dollars, reports Bloomberg News.

Thiel sold 20.1 million shares in the Facebook on Aug. 16 and Aug. 17, which earned him $395.8 million. He also banked $640.1 million back when he sold shares during the initial public offering.

Thiel's initial investmen in Facebook was $500,000 in 2004, making him one of the biggest financial winners of Facebook.

Before his investment in Facebook, Thiel was a co-founder of PayPal and was the CEO until the company was bought by EBay for $1.5 billion in 2002.

Thiel used his PayPal money to start hedge fund Clarium Capital Management and to invest in startups, such as Facebook.

However, those who invested in Facebook stock the day it went public, May 18, have actually lost money.

Facebook's initial public offering price was $38 a share, but now the stock is down to $19.01 a share, as of yesterday.