Shares of Facebook, Inc. (NASDAQ:FB) traded as much as 5 percent lower on Friday after 156 million shares were released from lockup. The slump has pulled Facebook down over 1 percent for the week, reversing a 2.39 gain on Thursday.
There was a tremendous amount of conversation surrounding Facebook the last time it faced a lockup expiration in November. The volume of shares being released was much higher — some 800 million shares were released — and precedence for how the market would react had not yet set in. The performance of the stock after the late-October release of 230 million shares did not convince investors that the stock would behave one way or the other.
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At the end of the day, Facebook’s stock wasn’t any worse for the wear. Shares are up over 23 percent over the last three months, with pretty much all of that growth coming from a 32.6 percent gain in November.