Facebook stock hit a new low this week, with shares going for less than $20. On Monday, shares were going for $18.75 each, during after hours trading. On Tuesday, they were selling between $19 and $21. Shares sold for $38 when .
Some analysts in Silicon Valley speculate that the low share price is directly related to the actions of Peter Thiel, who was an early investor in Facebook Inc. and is now on the Menlo Park-based social media company's board of directors.
Thiel dumped more than 70 percent of his stock in the company Monday, according an SEC regulatory filing, shedding millions of Facebook shares in the process.
This doesn’t bode well for perceptions of Facebook Inc., which has been globally criticized for not making investors money fast enough.
Silicon Valley business blogger Cromwell Schubarth, wrote a scathing assessment of the situation Tuesday, saying, “With directors like Peter Thiel, who needs enemies?” He declared Thiel should step down from the board of directors.
Not everyone is discouraged by the stock's going rate. Another Facebook board member, Reed Hastings, accumulated about $1 million in shares last week, according to a filing with the SEC.