In a year when precious little seems to have gone right for Facebook, Wednesday was the day an employee lockup on selling some 800 million shares expired. The stock was expected to drop, perhaps dramatically, as a result — but it didn’t. For the most part, Facebook shares hung tough — increasing by some 11 percent to close the day at $22.36 and trading at around $22 through mid-day Thursday. “It was an unexpected increase because a stock’s price usually drops when so many shares come on the market,” said Andreas Scherer, managing partner of Salto Partners.
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Storm Clouds Clear Over Facebook
Posted by: Erika Morphy November 15, 2012 09:40 AMIn a year when precious little seems to have gone right for Facebook, Wednesday was the day an employee lockup on selling some 800 million shares expired. The stock was expected to drop, perhaps dramatically, as a result — but it didn’t. For the most part, Facebook shares hung tough — increasing by some 11 percent to close the day at $22.36 and trading at around $22 through mid-day Thursday. “It was an unexpected increase because a stock’s price usually drops when so many shares come on the market,” said Andreas Scherer, managing partner of Salto Partners.