Facebook Stock Continues Fall as Employees Sell

From The New York Times:

Facebook employees were supposed to be millionaires and billionaires. Instead, they will be half that.

The company’s stock fell on Wednesday as many employees got their first chance to sell 234 million shares that had been locked up after Facebook’s initial public offering.

The lockup was supposed to expire on Monday, but shareholders could not sell until Wednesday because Wall Street was closed for two days as a result of Hurricane Sandy. Shortly after the markets opened on Wednesday, Facebook stock fell about 4 percent, to $21.04 — nearly 45 percent lower than its original offering price of $38 in May — before recovering a bit. On Friday, the last day of trading for Facebook, the stock closed at $21.94.

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