Facebook’s shares dropped below $20 to a new low yesterday, extending a slump that has marred the third-biggest US initial public offering and dented retail investor confidence in equity issues.
The shares suffered after the first expiration of a ban that prohibited pre-IPO investors from trading their stocks, releasing 271m shares.
Almost 2bn shares will become eligible for trading over the next 10 months. Analysts expect the most volatility in November when the largest tranche, held by Facebookemployees, will be freed.
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