It needs to be known that Facebook shares have slipped since it saw that pop higher after its earnings report. Before earnings the stock was at $19.50. Then the stock popped to $23.23 on more than 200 million shares. After a drop of 1.3% so far on Tuesday, the shares are back down to $19.86. It is suddenly as if the earnings boost has disappeared entirely.
Each of the two prior lock-up expirations brought selling. We would note that Pater Thiel, who was one of the founders of PayPal, has already unloaded most of his stock. He has 20% of his holdings which are about to be eligible for sale.
Facebook’s post-IPO range has been $17.55 to $45.00 and its market cap is currently about $42.6 billion according to Yahoo! Finance. Attached is a post-IPO chart courtesy of stockcharts.com.
JON C. OGG