Peter Thiel, the first major investor and a current board member at Facebook, has sold three-quarters of his remaining stake in the company, per Reuters. The move was part of a previously set trading plan, according to a filing document.
The backdrop: Thiel had already sold more than $1 billion worth of shares in Facebook before this most recent sell. He sold $640 million of stock in the company's IPO alone. A representative from Facebook told Reuters that the sale was routine and that Thiel continues to hold his seat on Facebook's board.
From a Financial Times Big Read, "Uber: the clean-up after [Travis] Kalanick continues," by Leslie Hook and Hannah Kuchler:
"Amid the [hacking] revelations, some have started wondering whether Uber can ever escape Mr Kalanick's shadow. As the company prepares to go public in 2019, further bad news could lead to a delay or a cut to Uber's valuation."
"[T]he backlash over the data breach is likely to build. When [CEO Dara] Khosrowshahi took the helm [Aug. 29], he praised Mr Kalanick's passion. But he may not have known the full extent of the clean-up act that he was undertaking.
Russian President Vladimir Putin signed a law Saturday that allows the Kremlin to make foreign media outlets reveal their funding sources and label their content as the work of "foreign agents," Reuters reports.
Why it matters: The move comes in retaliation to U.S. allegations that Russia interfered in the 2016 presidential election. The U.S. government recently branded Kremlin-funded Russia Today as a "foreign agent."
