Facebook director Marc Andressen offloads $32m of shares ahead of results
Facebook board member and serial tech investor Marc Andressen has sold off 300,000 Facebook shares valued at $32m (£20m) ahead of the social media giant’s latest quarterly results.
The move has sparked concerns that Andressen has a negative outlook on the value of Facebook stock.
The 11-year old company is expected to report strong third-quarter profits later today.
However, numbers could take a hit due to investment in its Messenger app; rival messaging service Whatsapp, which it acquired in 2014; and virtual reality device Oculus Rift.
At pixel time shares in Facebook were trading at $103.2 dollars in New York.
Last month shares in the company edged over $100 for the first time.
Andressen yesterday said that he didn’t think the tech industry was in a bubble, and that tech ‘unicorns’, start-ups with a valuation of over $1bn, should be valued higher.
Facebook, which floated on the stock market in 2012, would no longer be classified as a unicorn.
Speaking at Fortune‘s Global Forum in San Francisco he said: “As a basket, it’s certainly too low.”
Andreessen pointed to the combined value of all unicorn startups being still less than that of PC giant, Microsoft.