Facebook director Andreessen's firm sells a third of its shares

Reuters

NEW YORK, Nov 10 (Reuters) - Facebook Inc director Marc Andreessen's venture-capital firm sold athird of its stake in the world's No. 1 online social network,according to a recent regulatory filing.

Andreessen Horowitz sold 2.28 million shares on Nov. 6 atabout $49 to $50 a share, according to a filing with the U.S.Securities and Exchange Commission on Friday. Itstill holds 4.57 million shares in Facebook.

Andreessen Horowitz spokeswoman Margit Wennmachers said onSunday that the firm's investment thesis was successful. Still,she said they are big believers in Facebook, which is why theyare holding on to big portion of their shares.

Facebook shares closed at $47.53, down 3 cents on Friday.

Marc Andreessen helped start browser company Netscape, whichwas acquired by AOL Inc in 1999. Andreessen Horowitz hasinvested in some of the country's hottest start-ups, includingFacebook and online bulletin board Pinterest.

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