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Now Accel Partners Is Handing Out Its Facebook Shares
More restrictions on post-IPO sales of Facebook shares expired yesterday, and the SEC filings are flying.
Accel Partners, which made a big $12.7 million bet on Facebook when it was a year-old social network for college students in 2005 and came away with a 11 percent stake in the company, has started distributing that stake to investors.
Accel had previously sold a portion of its stake in 2010, when Facebook was still private.
A filing by Accel partner Jim Breyer show a host of Accel-affiliated entities distributing their shares to investors. The filing doesn't show Breyer selling any shares.
Netflix CEO Reed Hastings, a Facebook board member, also received shares in Facebook through an investment he made in an Accel-affiliated fund.
Several Facebook executives had restricted stock grants vest. Facebook withheld some shares to cover taxes owed on the grants. That's standard procedure.
CFO David Ebersman received 59,984 shares net of taxes.
Engineering VP Mike Schroepfer received 9,997 shares.
Chief accounting officer David Sillane received 12,106 shares.
Marketing VP David Fischer received 55,057 shares and also sold 24,000 shares for $476,000.
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