Twitter sinks to new low as 'lockup' expires
Twitter shares plunged to new lows yesterday, under pressure after the
expiration of the so-called lockup period, which banned sales by company
insiders after its public offering.
The stock sank 17.8 per cent to close at $31.85, the lowest level since the Twitter initial public offering last November.
Under US securities lockup rules, some insiders were barred from selling for a period of time after the social network's IPO.
The lockup expired yesterday, but Twitter co-founders and chief executive indicated they have no short-term plan to sell their shares.
The stock sank 17.8 per cent to close at $31.85, the lowest level since the Twitter initial public offering last November.
Under US securities lockup rules, some insiders were barred from selling for a period of time after the social network's IPO.
The lockup expired yesterday, but Twitter co-founders and chief executive indicated they have no short-term plan to sell their shares.
