Remember how promising Facebook’s future seemed in May when it went public at $38 a share? Well, forget it if you can: The stock hit a new low today, falling 6.2% to $19.88. During the day it touched $19.69, a new intra-day low. Analysts anticipated a decline. Several venture capital firms that invested in the company before it went public couldn’t trade their shares until today, the end of what’s known as the lockup period. For example, CNBC reported that Accel Partners sold about 50M shares to its investors. In all, more than 156.6M shares changed hands, making this the third busiest day for Facebook trading. In October additional shares will hit the market when lockups expire for directors and employees not including CEO Mark Zuckerberg. Other groups can begin to trade in November and December.
Facebook Shares Hit New Low After Lockup Period Ends
What's Hot on Deadline
Earth Will Feel The Power Of The Force Again: Disney's 'Rogue One' On Course For $280M-$350M Global Opening - Preview
'Office Christmas Party' Gets Louder With $17M+, Though 'Moana' Still Has Leading Luau; 'La La Land' Huge - Noon Update
'Spider-Man: Homecoming 2' Shoots Web Around Independence Day 2019; 'Bad Boys 4' Moves To Memorial Day
Alec Baldwin Says Ha! To Donald Trump, While Judd Apatow Calls 'SNL'-Watching Prez-Elect "Terrifying Lunatic"
Latest Film News
- Anna Kendrick, Laura Dern & Don Cheadle To Announce 2017 Golden Globes Nominees
- ‘Office Christmas Party’ Review: Dreaming Of A Raunchy Christmas? This Is The Movie For You
- ‘Spider-Man: Homecoming 2’ Shoots Web Around Independence Day 2019; ‘Bad Boys 4’ Moves To…
- Seána Kerslake Inks With Paradigm & Untitled; Van Johnson Company Signs Jason Stuart
- Paramount Sets ‘Inconvenient Truth’ Sequel To Open Sundance Film Festival
- Earth Will Feel The Power Of The Force Again: Disney’s ‘Rogue One’ On Course For $280M-$350M Global Opening…