By Alexei Oreskovic
SAN FRANCISCO Aug 17 Facebook Inc (FB.O) shares
sank as much 4.3 percent on Friday to set a new low, a day after
early investors got the green light to sell for the first time.
More than 270 million shares owned by the early investors
became available for trade on Thursday after a 3-month curb on
sales ended. That's more than one-half the 421 million shares
sold in its initial public offering on May 18. [ID:nL2E8JG39E]
Facebook hit a low of $19.01 Friday morning and were down
almost exactly 50 percent from the $38 offering price at its May
IPO. At midday, the stock had eased to $19.15, off 3.5 percent.
Nearly 62 million shares of Facebook traded hands in the
first two hours of trading on Friday.
More than 1.4 billion additional shares held by early
investors and Facebook employees are set to become available for
trading by year's end, adding further pressure on shares of the
Facebook, the world's No. 1 Internet social network founded
by Mark Zuckerberg in his Harvard University dorm room, became
the only U.S. company to debut with a market value of more than
But investors have grown disillusioned with Facebook's
inability to articulate a plan to reverse slowing revenue
(Reporting By Alexei Oreskovic; editing by Jeffrey Benkoe)
((Alexei.Oreskovic@thomsonreuters.com)(415 677 2511)(Follow
Alexei on Twitter @lexnfx))
Keywords: FACEBOOK SHARES/
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