Marc Andreessen Unfriends Facebook

Marc Andreessen, a Facebook board member who has been on its board since 2008, appears to be shedding his weight in the company.

Multiple media outlets, including Re/code, have reported in the past few days about just how much Andreessen has sold of his shares. The most recent SEC filings show that he has sold off 1.5 million in shares that would be valued somewhere around $160 million. In less than a month, that means Andreessen has ditched 73 percent of his ownership in Facebook — along with 90 percent of the non-voting shares.

Andreessen’s decision to sell off shares comes around the time Facebook reported its third quarter earnings. Shares rose following its earnings but have since taken another dip.

While Andreessen still has 378,000 shares of Class B stock, that doesn’t give him much voting power. Since CEO Mark Zuckerberg still owns 60 percent of the shares, that gives him the most voting power on the board.

A Seeking Alpha piece on the sale notes that it is worth recognizing because “it’s uncommon for executives to sell at the pace and quantity that Andreessen has been selling these past two weeks.”

A little over a week ago, Andreessen found his name in some major headlines for his comments about the tech bubble. He took to Twitter to discuss what Square’s upcoming IPO means for the tech industry.

According to Andreessen, for the tech bubble to actually exist, an irrational amount of exuberance must be extended to the equity markets where the value of tech companies lies, and Square presenting modest price expectations proves that it hasn’t.

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