Facebook Shares Sag as First IPO Lockup Ends
Facebook shares fell below $20 Thursday, slipping about 7 percent to an all-time low of $19.69. That’s nearly half their $38 IPO price.
Bad news, indeed. And there’s potential for more. Facebook has a few lockups still in place. Four, to be exact.
On Oct. 15, 249 million shares will become eligible for sale. On Nov. 14, the lockup will expire on 1.32 billion shares. On Dec. 14, another 49 million shares. And on May 13, 2013, the final 47 million shares. The expiration of these lockups isn’t likely to have any significant long-term effects on Facebook’s stock, but they pretty much guarantee further volatility ahead.
(Image courtesy of obeyken/Flickr)