Facebook co-founder Dustin Moskovitz discloses sale of 450,000 shares, small chunk of stake
8/23/2012NEW YORK — Facebook co-founder Dustin Moskovitz shed 450,000 shares of Facebook in the past few days for proceeds of about $9 million — a tiny chunk of his total stake.
Moskovitz was Mark Zuckerberg's Harvard roommate when they founded Facebook in 2004. He disclosed in a regulatory filing late Tuesday that he sold the shares on Friday, Monday and Tuesday in blocks of 150,000.
He sold the shares for $18.79 to $20.08 each for proceeds of nearly $9 million.
Moskovitz, 28, left Facebook in 2008 and started Asana, whose software helps manage projects.
He did not sell any stock in Facebook's IPO. He still owns more than 133 million shares. Based on the filing, he could sell 7 million more shares he converted from Class B to Class A.
Major investors of public companies are required to disclose when they buy and sell stock.
According to filings with the Securities and Exchange Commission on Monday, Peter Thiel, a member of Facebook's board, sold about 20 million shares at $19.27 to $20.69 each on Aug. 16 and 17. That amounted to nearly $400 million.
Thiel is managing partner at The Founders Fund and a co-founder of PayPal. He had been subject to a lock-up period restricting sale of those shares until Aug. 16. As one of Facebook's initial investors, he first invested $500,000 in the company in 2004. He sold 16.8 million shares in the company's May initial public offering for about $640 million.
With the most recent sales, Thiel has now sold most of his stake in the company.
INVESTORS
A look at early Facebook investors who sold shares in the social network as part of IPO:
Facebook Inc. sold 180 million of its shares in its initial public stock offering in May. Another 241.2 million came from existing stockholders, including the company's earliest investors and CEO Mark Zuckerberg. Except for Zuckerberg, those stockholders were eligible to sell additional shares — up at 271 million combined — starting last Thursday.
Facebook co-founder Dustin Moskovitz, who shed 450,000 shares of Facebook in recent days, didn't sell any stock in the IPO. Here's a look at early Facebook Inc. investors who did sell stock:
— Mark Zuckerberg
Number of shares sold in IPO: 30.2 million at $38 each.
— James Breyer and Accel Partners, where he's a partner
Year invested in Facebook: 2005
Number of shares sold in IPO: 57.7 million at $38 each.
— Peter Thiel, managing partner at The Founders Fund and PayPal co-founder
Year invested in Facebook: 2004
Amount invested: $500,000
Number of shares sold in IPO: 16.8 million at $38 each.
Number of shares sold after lock-up expiration on Aug. 16: about 20 million at $19.27 to $20.69 each on Aug. 16 and 17.
— DST Global Ltd. and affiliates, a London-based investment firm focused on Internet companies, founded by Russian investor Yuri Milner
Year invested in Facebook: 2009 and late 2010
Number of shares sold in IPO: 45.7 million at $38 each.
— Goldman Sachs and affiliates, investment bank and one of the IPO's underwriters
Year invested in Facebook: 2011
Number of shares sold in IPO: 24.3 million at $38 each.
— Elevation Partners, private equity firm focused on media and technology and affiliates
Year invested in Facebook: Undisclosed
Number of shares sold in IPO: 4.6 million at $38 each.
— Greylock Partners, Silicon Valley venture capital firm and affiliates
Year invested in Facebook: 2006
Number of shares sold in IPO: 7.6 million at $38 each.
— Mail.ru Group Ltd., Russian Internet company
Year invested in Facebook: 2009
Number of shares sold in IPO: 19.6 million at $38 each.
— Mark Pincus, Zynga Inc. CEO
Year invested in Facebook: 2004
Number of shares sold in IPO: 1 million at $38 each.
— Meritech Capital Partners, venture capital firm focused on late-stage investments
Year invested in Facebook: 2006
Number of shares sold in IPO: 7 million at $38 each.
— Microsoft Corp.
Year invested in Facebook: 2007
Amount invested: $240 million
Number of shares sold in IPO: 6.6 million at $38 each.
— Reid Hoffman, co-founder of LinkedIn Corp. and affiliates
Year invested in Facebook: 2004
Number of shares sold in IPO: 942,784 at $38 each.
— Tiger Global Management, New York-based investment firm
Year invested in Facebook: Undisclosed
Number of shares sold in IPO: 19.1 million at $38 each.
— Other, smaller stockholders are offered another 76,635 shares at $38 each.
Source: Facebook Inc. and Associated Press research