Venture capital firm Accel Partners has reportedly sold off “significant” amounts of Facebook stock in the past week, valuing the social networking giant between $US20-34 billion, according to TechCrunch.
The publication has reported that Accel has sold off so much that the firm’s stake is now under 10%. The company originally paid $US12.7 million for the stock five years ago, but now holds approximately 8% of the company, the report states.
Sources have indicated the stock was purchased by TCV and Andreessen Horowitz, with other sources giving a number of different valuations, ranging between $US20-34 billion.
The publication states the stock sale is not confirmed, however, Andreessen Horowitz has confirmed the company has purchased stock from Accel.
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Facebook has previously said it is considering an IPO, but has also warned this won’t occur for a few years yet.