Facebook shares plunged to a new low on Thursday
as a ban on trading by owners of long-term insider shares came to an
Shares in the social networking company have already fallen 46 per cent since the initial public offering (IPO) in May, when they started at 38 dollars. After markets opened Thursday, shares fell 7 per cent from the previous day's level to 19.69 dollars, 13 cents below the stock's previously recorded low.
As of Thursday, long-term investors were allowed to sell 271 million shares they have held since 2004 and 2005. It was not clear if such investors were among the sellers. The mere prospect that their shares could flood the market could also have spurred Thursday's above-average sell-off of Facebook shares.
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