×

Billionaire Peter Thiel Sells Majority of Facebook Stake, Pocketing $29 Million

Investor and entrepreneur Peter Thiel has sold 73% of his remaining shares in Facebook, earning $29 million on the sale.

Thiel now owns 59,913 Class A shares of Facebook after he sold 160,805 shares on Nov. 20, according to an SEC filing Tuesday.

An early investor in Facebook, Thiel currently sits on the social-media giant’s board, which he first joined in 2005. Following Facebook’s IPO in 2012, Thiel sold about 20 million of the 26 million Facebook shares he owned at the time for $400 million.

Thiel has a net worth of $2.6 billion, according to Forbes. He first amassed his wealth after co-founding PayPal, which eBay acquired for $1.5 billion in 2002. Thiel also co-founded Palantir Technologies, a data-analytics and antifraud software company valued at $20 billion, in which he owns a significant stake.

Thiel has been the tech industry’s biggest booster of Donald Trump, having donated $1.25 million to Trump’s presidential campaign and organized a meeting of tech CEOs with Trump last December. Recently, however, Thiel has reportedly become disillusioned with the administration.

Last year, Thiel was revealed to have funded Hulk Hogan’s lawsuit and two other suits against Gawker Media, which led to Gawker’s filing for bankruptcy and the sale of most of its assets to Univision Communications. Thiel, who said in a speech at the 2016 Republican National Convention that “I’m proud to be gay,” remained upset about a 2007 Gawker article that reported he was gay.

More Digital

  • Roku headquarters

    Roku Aims to Top $1 Billion in Revenue in 2019, Beats Holiday Quarter Earnings Expectations

    Roku wants to become a billion-dollar company in 2019, and invest more in its ongoing international expansion. The streaming-device maker told investors on Thursday that it expects to generate between $1 billion and $1.025 billion this year, and that international growth was one of its key investment areas for 2019. Roku made these announcements as [...]

  • Vice Media

    Vice Media Taps Joe Simon as Chief Technology Officer (EXCLUSIVE)

    Joe Simon has been tapped as chief technology officer at Vice Media. The newly created role will include oversight of data analytics, engineering, information technology, media operations, media technology, post production, and systems management. Prior to Vice, Simon spent three years as Encompass Digital Media’s chief operating officer. Previously he held the chief technology officer [...]

  • att_logo

    AT&T Suspends YouTube Ad Spending as Boycott Over 'Pedophilia' Videos Scandal Widens

    AT&T, one month after it thought it was safe to advertise on YouTube again, said it is pulling all advertising spending from the world’s biggest video platform. The telco joins a boycott by marketers alarmed by the discovery that a secret group of child predators has been using YouTube to make sexual comments about kids. [...]

  • VR Pop-Up Opens Doors in Manhattan

    Future of Storytelling Pop-Up VR Arcade Is Coming to Manhattan

    Manhattan is getting a location-based virtual reality (VR) pop-up, courtesy of Future of Storytelling: The temporary Story Arcade will open its doors in the Starrett-Lehigh building this coming Saturday, and host a number of VR experiences, including Felix & Paul Studio’s “Traveling While Black,” Fable’s “Wolves in the Walls” and MWM Immersive’s immersive theater VR [...]

  • Amy Winehouse

    Amy Winehouse Hologram Tour Canceled Over 'Challenges and Sensitivities'

    Amy Winehouse will not be “Back to Black” in a holographic live tour after all. The late British singer, who died in 2011, was to be featured in a stage show slated to launch near the end of 2019. But the producer of the show, BASE Hologram, has indefinitely postponed plans for the Winehouse show, [...]

  • Jennifer Lopez

    Jennifer Lopez Joins TikTok App to Promote NBC's 'World of Dance'

    Jennifer Lopez is the latest celebrity to hop on TikTok, the short-form video app owned by Chinese internet giant ByteDance — more proof of the app’s growing traction, and reflective of media companies’ desire to reach its young-skewing base. Lopez had a very specific aim: to get fans excited about “World of Dance,” the NBC [...]

  • HTC Vive Announces Focus Plus VR

    HTC Vive Announces Focus Plus VR Headset With Dual 6DoF Controllers

    HTC Vive revealed its latest standalone virtual reality headset on Thursday. The Vive Focus Plus upgrades the company’s existing headset by incorporating dual six-degrees-of-freedom (6DoF) controllers, promising users the same freedom as PC VR devices. Adding the second controller will also make it easier for developers to port existing PC VR content, while making it [...]

More From Our Brands

Access exclusive content