Markets: Today’s Facebook Reckoning Will Tempt the Faithful
Mark Zuckerberg at the South by Southwest Interactive conference in 2008. Photo: Jim Merithew/Wired
This morning a full 271 million Facebook shares became tradable, increasing the pool of liquid stock by roughly 60 percent. That increase has investors fretting about the possibility of a great flood, and in case there werent enough religious overtones to that chatter, Facebook faithful are also being encouraged to buy shares if infidels dump the stock.
Anxiety is palpable over todays lock-up expiration, which frees people who sold during Facebooks initial public offering to sell still more stock. The social networks shares are already down 44 percent since the IPO and 25 percent over the past month alone, indicating theres hardly enough demand to absorb a huge wave of sell orders should... [via Epicenter Wired Blogs]
- Unlike: Facebook Stock Hits New Low (TechCrunch )
- Daily Report: Facebook Shares Hit New Low as a Lockup Ends (NYTimes )