By Mark Prigg One of Facebook's first investors has bailed out of the firm and sold 20 million shares. PayPal billionaire Peter Thiel, one of Facebook's earliest investors and a member of its board, was among the insiders selling stock in the social network after a lockup expired last week, it has emerged. As one of Facebook's initial investors, he invested $500,000 in the company in 2004. Peter Thiel, one of Facebook's first investors. Today it was revealed he has sold over 20 million of his shares in the firm as its stock price plunges. A regulatory filing said that Thiel, a former CEO at PayPal sold about 20 million shares of Facebook through affiliates such as his Founders Fund and other firms last week.
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Peter Thiel invested $500,000 in Facebook in 2004
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Believed to have made around $1bn from cashing in his Facebook stock since the firm went public
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Also recently invested in firm aiming to grow steaks in the lab
@placeholder is expected to use the cash to fund a new investment firm set up earlier this year.