With Facebook’s share price sputtering, much attention has been paid to sales of the social network’s shares by insiders including Director Peter Thiel and Co-Founder Dustin Moskovitz. Now, more details have emerged about their respective activities and plans.
Silicon Alley Insider reported that sources close to Thiel believe he will remain on Facebook’s board of directors for the next few years, with one saying, “Is it that bad to be on the board of a $40 billion company?”
Those sources told SAI Thiel is still optimistic about the long-term prospects for the social network, believing that Facebook users are in for the long haul, largely due to its use as a hub for family photos.
They added that Thiel intends to use his capital from Facebook to invest in new ventures, according to SAI.
As for Moskovitz, AP reported that Co-Founder and CEO Mark Zuckerberg’s roommate at Harvard University has been unloading 150,000 shares per day on every trading day since Aug. 17, with the total so far coming in at 1.8 million shares, at prices of $17.56 to $20.08 per share, netting him $34.5 million.
Add the updates about Thiel and Moskovitz to Tuesday’s report that analysts from Facebook underwriters Morgan Stanley and J.P. Morgan lowered their target prices for the stock, and things aren’t looking too rosy in Menlo Park, Calif.
Readers: Do you think Facebook can reverse this slide?