Facebook Inc. is freeing up 271.1 million of its shares
today, boosting by 60 percent the number that could be traded and adding to
concerns that have weighed on the stock since the company’s initial public
offering, the good folks at Bloomberg tell us.
Early Facebook investors such as DST Global Ltd., Goldman
Sachs Group Inc. (GS), Elevation Partners and Accel Partners get a green light
today to start selling part of their holdings, Menlo Park, California-based
Facebook has said in filings. That’s after the lifting of restrictions designed
to prevent a flood of shares immediately after an IPO.
The prospect of more stock sales means Facebook will need to
work even harder to persuade investors that it deserves a higher valuation,
compared with earnings, than all but two of its closest competitors including
Google Inc. (GOOG) The shares freed up today make up only 14 percent of the
1.91 billion that will be available for sales in the coming nine months…..
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