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Facebook hits new low as IPO lock-up ends

August 17, 2012
THE ASSOCIATED PRESS

SAN FRANCISCO - Facebook's stock plunged to a new low Thursday after the expiration of a ban that had prevented some early investors and insiders from dumping millions of additional shares they own in the social-networking leader.

Firms ranging from Accel Partners to Goldman Sachs, Zynga CEO Mark Pincus and Facebook board members James Breyer, Peter Thiel and Reid Hoffman were among those free to sell stock they own, after the lifting of a ban known as a lock-up period.

If many of them took advantage of that, Facebook's stock could decline because the market would be flooded with nearly two-thirds more shares.

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It's not yet known whether any of those investors had sold any stock because they have three business days to disclose any sales, said Sam Hamadeh, the CEO of PrivCo, which researches privately held companies.

 
 

 

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