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Firm cashes out of Facebook

Facebook director Marc Andreessen's venture-capital firm sold a third of its stake in the social network.

By Reuters
New York, 11 Nov 2013

Facebook director Marc Andreessen's venture-capital firm sold a third of its stake in the world's top online social network, according to a recent regulatory filing.

Andreessen Horowitz sold 2.28 million shares on 6 November at about $49 to $50 a share, according to a filing with the US Securities and Exchange Commission on Friday. It still holds 4.57 million shares in Facebook.

Andreessen Horowitz spokeswoman Margit Wennmachers said on Sunday that the firm's investment thesis was successful. Still, she said the company is a big believer in Facebook, which is why it is holding on to big portion of its shares.

Facebook shares closed at $47.53, down 3 cents on Friday.

Marc Andreessen helped start browser company Netscape, which was acquired by AOL in 1999. Andreessen Horowitz has invested in some of the country's hottest start-ups, including Facebook and online bulletin board Pinterest.

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