Marc Andreessen, Donald Graham Sell Off Facebook Stock To Cover Tax Obligations

Facebook board member Marc Andreessen unloaded some 54 million worth of Facebook shares Monday, but that doesn’t indicate a loss of confidence in the social network, as he made the move to cover taxes that he owes on his holdings.

Reuters reported on the sale by Andreessen, adding that fellow director and The Washington Post Co. Chairman and CEO Donald Graham also sold off some $6.7 million of shares, for the same reason.

According to a Facebook filing, the tax obligations were caused by the vesting or settlement of restricted stock units, and neither Andreessen nor Graham plans to sell shares for any other reason, Reuters reported.

Image courtesy of Shutterstock.

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