Facebook (FB) Inc.’s 6.3 percent drop yesterday, after the
end of restrictions on share sales by its biggest investors, was the
second-largest post-lock-up decline among companies that have gone public since
January 2011, Bloomberg reports.
Only social-game maker Zynga Inc. (ZNGA) tumbled more,
losing 7.9 percent, on the first day that insiders could start selling their
stakes, data compiled by Bloomberg show. That was the largest one-day
post-lock-up descent among the 20 biggest initial public offerings since
January 1, 2011. The slump yesterday left Menlo Park, California-based Facebook
at a record low after a 60 percent increase in the number of shares available
for trading….
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