End of staff 'lock-in' hits Facebook shares
Thursday 01 November 2012
Shares in Facebook fell 4 per cent on Wall Street yesterday, as employees were finally able to start trading their stock in the social network as New York's stock markets reopened.
A "lock-in" preventing staff from trading in the company expired on Monday, but Superstorm Sandy closed the Nasdaq, where Facebook trades, as well as the New York Stock Exchange for two days at the start of the week.
Facebook suffered a painful public debut earlier this year, as investors worried about the company's ability to keep up revenue growth and the large pool of additional shares in the lock-up which are now hitting the market.
More than a billion Facebook shares held by employees, insiders and early investors are set to become available for trading by year's end.
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