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The Boston Globe

Business

Facebook stock jumps on biggest lockup expiration day

NEW YORK — Facebook Inc.’s stock rose 12.6 percent Wednesday, despite expectations that it would fall because more than 850 million additional shares in the company were being freed up for sale.

Facebook went public in May at $38 in an initial offering of stock that turned out to be a letdown for investors. The price has not hit $38 since. It closed at $22.36 Wednesday.

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