Looks like it isna4ぎa4д just employees who are cashing out on their Facebook shares. TechCrunch reported earlier today that Accel Partners sold a4ぎAvery significant chunksa4ぎ of its stake in the company (while also holding on to the vast majority of its shares), and I&'ve confirmed the news with a source.
My source said that Accel sold its shares at a $34 billion valuation and that those shares added up to less than 20 percent of Accela4ぎa4г total stake. Contrary to TechCrunch&'s report, my source told me that Accel remains the largest venture shareholder in Facebook.
I couldna4ぎa4д get any information on who was doing the buying. TechCrunch doesna4ぎa4д sound too sure about the details, but says it heard that Technology Crossover Ventures bought $200 million worth of shares, while Andreessen Horowitz bought $80 million.
Whatever the details, with this sale, Accel has clearly had a huge return on its $12.7 million investment in Facebooka4ぎa4г first round. And that will be dwarfed by how much the firm will earn if it keeps the rest of its shares until Facebooka4ぎa4г initial public offering.
Both Accel and Andreessen Horowitz declined to comment.
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Companies: Accel Partners, Andreessen Horowitz, Facebook, Technology Crossover Ventures
Companies: Accel Partners, Andreessen Horowitz, Facebook, Technology Crossover Ventures
Anthony is VentureBeat's assistant editor, as well as its reporter on media, advertising, and social networks. Before joining VentureBeat in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. (All story pitches should also be sent to tips@venturebeat.com) You can also follow Anthony on Twitter.
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