One gets the feeling that buying Facebook shares on their first day of trading wasn’t a very wise investment. The social networking giant’s stock once again hit new lows on Thursday, dipping more than 6% to close at $19.88 and coming dangerously close to falling to exactly half of its $38 IPO price.
The reason for Thursday’s sell off was simple: some company insiders finally got their first chance to unload their shares and they did so with enthusiastic gusto, as Facebook’s trading volume totaled around 157 million on the day, or five times the average daily volume of 31 million shares.
CNNMoney says that Facebook could be in for another big selloff this November when the company “will convert the special form of restricted stock units, or RSUs, held by most of its staff into actual shares of its stock.”
The Tech Panda takes a look at what’s buzzing in the startup ecosystem. India’s tech…
This entrepreneur, who entered the startup ecosystem when he was only thirteen years old, wants…
India’s fintech sector is accelerating at breakneck speed, with digital payments becoming the new default…
The Tech Panda takes a look at recent launches in the superfast field of Artificial…
The Tech Panda takes a look at recent mergers and acquisitions within various tech ecosystems…
Strange are the ways in which Artificial Intelligence (AI) has been offering us humans companionship.…
