BREAKING NEWS FROM CNBC’S KAYLA TAUSCHE: ACCEL OFFLOADING FACEBOOK SHARES TO LIMITED PARTNERS
WHEN: TODAY, THURSDAY, AUGUST 16TH
WHERE: CNBC’S “CLOSING BELL”
Following is the unofficial transcript of breaking news from CNBC’s Kayla Tausche. All references must be sourced to CNBC.
Following is a link to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000109694&play=1.
KAYLA TAUSCHE: ACCEL PARTNERS IS OFFLOADING A BIG CHUNK OF 50 MILLION OF ITS FACEBOOK SHARES TO ITS OWN INVESTORS ACCORDING TO MY SOURCES. NOW THESE ARE SHARES THAT WERE PREVIOUSLY LOCKED UP BUT NOW WILL CHANGE HANDS TO ALLOW ACCEL’S OWN LIMITED PARTNERS THEIR DECISION OF WHETHER TO SELL OR HOLD THE STOCK. NOW APART FROM ACCEL PRESIDENT AND FACEBOOK BOARD MEMBER JIM BREYER ACCEL AS A FIRM HELD MORE THAN 144 MILLION FACEBOOK SHARES AT THE TIME OF ITS IPO. SHARES IT AMASSED AS ONE OF THE EARLIEST INVESTORS IN THE COMPANY. NOW OF COURSE ONLY A FRACTION OF THOSE 144 MILLION SHARES ARE UNLOCKED AS OF THIS WEEK’S EXPIRATION BUT I AM TOLD THAT THE 50 MILLION SHARE TRANSFER IS THE BULK OF THAT AMOUNT THAT IS UNLOCKED THIS WEEK AND OF COURSE WHILE NOT ALL INVESTORS GETTING SHARES WILL BE SELLERS THIS BLOCK IS WORTH ROUGHLY A BILLION DOLLARS AT TODAY’S STOCK PRICE AND IT COULD REPRESENT TODAY’S OUTSIZE VOLUME 135 MILLION SHARES TRADING AND IF IN FACT 50 MILLION OF THOSE DID GET SOLD THAT IS ROUGHLY A THIRD OF WHAT WE HAVE OUT THERE.
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