Exiting Facebook board member dumps $38 million in stock

Jim Breyer, the longtime board member who is stepping down in June, sells 1.3 million shares.

Jim Breyer, the early Facebook investor who is leaving the company's board , has dumped roughly $38 million worth of Facebook stock, according to a Securities and Exchange Commission filing published Monday.

Breyer is a venture capitalist whose firm, Accel Partners, was one of the social network's first investors. The filing from Wednesday shows that he sold 1.3 million of his own shares, valued between $28.19 and $29.03. The amount is a drop in the bucket for Breyer, who is still hanging onto 7.8 million shares, which were worth roughly $223.6 million at the time of the filing.

Breyer has parted with Facebook stock before. He dumped even more shares last October, when he sold more than $81.1 million in shares . Although Facebook shares aren't doing too well now -- the stock price closed at $27.57 today -- they were worth even less per share -- between $22.48 and $23.29 -- in October.

Of course, none of these figures come close to Facebook's initial public offering price of $38 a share. The company is approaching the one-year anniversary of its IPO on May 18, 2012.

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