Accel Sells Facebook Shares Based On A $34 Billion Valuation

Accel Partners has sold “very significant chunks” of their stake in Facebook. It turns out the buyers bought the stake based on a $34 billion valuation. The amount sold adds up to less than 20% of Accel’s total stake. Although the buyers are not confirmed, rumor has it that Technology Crossover Ventures bought $200 million worth of shares and Andreessen Horowitz bought $80 million worth. Accel put in $12.7 million in Facebook’s first round of funding. [VentureBeat]