Early investors want to cash in on the IPO furor
It seems like every time we turn around there's more news about Facebook and its pending IPO. We learned this week that Facebook would be offering more shares with the possibility of raising even more money than originally expected. As it turns out those additional shares aren't coming from Facebook, rather they're coming from early investors and investment firms.
These firms decided to put more of their shares of stock in play when Facebook raised the goal price per share for their IPO from the original $28-$35 to the current $34-$38 per share. This led early investors like Digital Sky Technologies, Accel Partners, and venture capitalist Peter Thiel to cough up more shares in an effort to earn more money off the IPO.