August 16, 2012
Facebook’s life as a public company has been a nightmare from day one, and the pain continued on Thursday as some company insiders got their first chance to dump shares.
Facebook stock fell nearly 7% Thursday morning, hitting a new intra-day low of $19.69. By 11 a.m., shares were holding around just under $20.
About 22 million shares changed hands in the first 10 minutes, and within the first hour-and-a-half, that volume soared to 78 million. About 271 million shares are newly eligible for sale Thursday.