Facebook’s stock spooked by insider selling concerns
No one knows how many of Facebook’s rank-and-file employees decided to sell some of their pre-IPO holdings today — the first time they’ve been allowed to since the company went public back in May at $38 a share.
But plenty of people did sell — either employees or investors fearful that a rush of new shares on the market would push down the stock. Or, more likely, a combination of both. The stock, which traded nearly twice the volume of a typical day, ended down 3.37 percent at $21.12. (Note, however, that this is far above the $18 or so it traded at early last month.)
All told, around…
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