Facebook owner sells stock, makes 40 million!

It seems the debacle over Beacon got olâ€™ Mark Zuckerberg down in the dumps. The only way to console himself? Sell off $40 million dollars worth of Facebook stock.

Now, the Beacon part is pure speculationâ€¦ okay, I made it upâ€¦ but after the last couple of weeks heâ€™s had, itâ€™s not hard to imagine he needed a pick me up of some type. Mind you, he still has one third of the company to his name, or about $5 billion dollars, but that is all on paper, and not in his pocket. This $40 million is in cold, hard, cash, and itâ€™s his to do with as he pleases.

Even though Facebook has not yet gone IPO, it seems this was done via something called â€œSeries FFâ€ shares. This was a system put in place by one of the founders of Pay Pal, Peter Thiel. It allows the entrepreneurs he choses to back to sell shares alongside the companies own so they can bring in new investors. This is done so the people who come up with the ideas he backs donâ€™t have to worry about money while they work to make Mr. Thiel some money down the road.

Anyway you slice it, not bad for something thrown together in a dorm room.
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http://mashable.com/2007/12/08/mark-zuckerberg-sells-stock-makes-some-nice-pocket-change/
Not bad, eh?

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Facebook owner sells stock, makes 40 million!

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Facebook owner sells stock, makes 40 million!

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