Just when you thought it couldn’t sink any further, Facebook’s shares sank even further in price today.
Thursday ended the “lockout” period, which means Facebook’s earliest stock investors are now free to sell their shares. As a result, the largest social network’s stock hit a free fall, hitting a new low of $19.69 before ending the day at $19.89. Around 271 million shares were eligible for sale as of Thursday.
The stock price has been halved since Facebook’s initial public offering in mid May, when its shares were valued at around $40 each.