Jim Breyer, who has been on Facebook’s board of directors since 2005, will leave his position in June, according to a form 8-K filing. Facebook reported that Breyer will not be up for re-election, and that his final meeting will be June 11. In a statement, Breyer said he is stepping down to focus more on his position with the Harvard University Corporation Board.
FWD.us, the political advocacy group spearheaded by Facebook Co-Founder and CEO Mark Zuckerberg, added some tech muscle, as Microsoft Co-Founder and Non-Executive Chairman Bill Gates, Microsoft CEO Steve Ballmer, Microsoft General Counsel and Executive Vice President Brad Smith, and former Facebook President Sean Parker joined the group.
Granted, it’s only one seat, but critics of Facebook’s board of directors bemoaning the lack of women, aside from Chief Operating Officer Sheryl Sandberg, will likely welcome the addition of University of California, San Francisco Chancellor Susan Desmond-Hellmann.
Early Facebook investor and Accel Partners Managing Director Jim Breyer sold 3,563,387 class-A Facebook shares at a weighted average price of $22.7736 per share at or around Oct. 25, according to a filing with the Securities and Exchange Commission.
Early major investor Peter Thiel has dumped much of his Facebook stock, as have Co-Founder Dustin Moskovitz, Accel Partners, and Microsoft. Co-Founder and CEO Mark Zuckerberg has the ability to unload some of his roughly 500 million shares in October, but according to recent Securities and Exchange Commission filings, he won’t do that for at least 12 months.
It was rumored that Facebook Director Peter Thiel was going to sell some of his stock in the social network when it was possible. The rumor is now fact. CNBC reported Monday that Thiel offloaded nearly all of his shares — about 22 million of them (2 million of which were distributed to his limited partners). Microsoft also sold 20 percent of its Facebook stock, which dipped below $19 per share Monday before rallying to $20.01 at closing time. The fallen stock price has an effect on the social network’s pending Instagram acquisition, as well.
Thursday was the first day that major investors in Facebook could sell their shares — and one company did just that. Accel Partners, one of the earliest investors in the social network, reportedly sold 50 million shares of Facebook (total worth: roughly $1 billion). Others could follow suit soon. Facebook’s stock, which closed Wednesday at $21.20 per share, fell to $19.87 when the closing bell rang Thursday.