Facebook valued at $34 billion after stock sale

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.

Facebook has previously said it is considering an IPO, but has also warned this won’t occur for a few years yet.

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