Facebook stock down after expiry of post-IPO lock-up of employee stock
November 2, 2012, 12:12 am TWN
NEW YORK -- Facebook's stock price fell Wednesday, the day employees were eligible to start selling restricted stock in the company.
A lock-up period that had prevented such sales expired on Monday. U.S. stock markets opened on Wednesday for the first time since Superstorm Sandy hit the East Coast, so that's when employees could start selling.
In all, 234 million additional shares and stock options held by employees as of Oct. 15 became eligible to flood the market. CEO Mark Zuckerberg is not selling. He has already said that he won't be selling stock until at least next September.