SAN FRANCISCO/NEW YORK, (Reuters) – Facebook Inc shares sank 6.3 percent to a record closing low after early investors got the greenlight to sell for the first time since the No. 1 social network went public, starting a string of insider lockup expirations that will pressure the stock for months.
More than 270 million shares owned by early investors became available for trade on Thursday after a 3-month curb on sales ended. That’s more than half the 421 million shares sold in its initial public offering on May 18.
