• Peter Thiel has sold most of his Facebook shares.
• The shares were sold as part of a pre-determined trading plan designed to protect company insiders from insider trading accusations.

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Billionaire venture capitalist Peter Thiel, Facebook’s first institutional investor, has sold three-quarters of his remaining stake in the social network, according to a regulatory filing filed on Tuesday.

The sell was part of a pre-determined trading plan designed to protect company insiders from accusations of insider trading. Thiel, who is a member of Facebook’s board, now owns 59,913 Class A shares in the company after selling 160,805 shares for about $US29 million.

Thiel sold roughly 20 million of his 26 million Facebook shares for $US400 million following its stock market listing in 2012

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