Facebook stock jumps on biggest lockup expiration day
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 a much-hyped initial public offering of stock that turned out to be a letdown for investors. The stock price has not hit $38 since. It closed at $22.36 Wednesday. Wednesday marked the expiration of Facebook’s biggest lockup period, which is a time following an IPO that prevents insiders from selling stock.