Why Mark Andressen sold over 73% of his Facebook share in two weeks

Facebook board member, Andreessen Horowitz Foundation co-founder Marc Andreessen ( Marc Andreessen ) is actively getting rid of Facebook shares. In the past two weeks, Mark sold around 1.5 million shares of the company. The amount that rescued Andressen, is estimated at about $ 160 million. He has been an investor and board member of Facebook since 2008. Starting October 30, Mark Andressen got rid of 73% of the shares. 90% of them turned out to be class A shares (not having the right to “vote”).

This happened against the background of unexpectedly good news about Facebook's financial results for the past quarter. Facebook's revenue in the third quarter of 2015 was $ 4.5 billion, although analysts expected a figure of 4.37 billion. Every month, 1.55 billion users drop into the social network, 1.01 billion of them visit Facebook every day. Over the year, the daily audience grew by 17%. Shares of the company by October 12 rose by another 6%.

Apparently, Mark Andresen decided to take advantage of the situation.
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Now he has 378,000 Class B shares. However, Facebook CEO Mark Zuckerberg owns 60% of the voting shares, so the other owners of this type of securities do not have a strong influence on the decisions in the company.

Unplanned sale of a large number of shares is uncharacteristic for top managers of this level, Re / code believes . But so far the world community can only speculate on the reasons for this behavior of Andressen. He has not given any comments yet.

Earlier, on October 22, Mark Andressen resigned from the board of directors of eBay after six years of work. He, as usual, told Twitter in his account, noting that it was an absolute privilege for him to work with eBay President and CEO John Donahoe, co-founder Pierre Omidyar and the team. The decision of Mr. Andressen was followed less than a month after the news of the separation of eBay and PayPal into separate independent companies.