Mark Zuckerberg is surely smiling today. Facebook’s shares have shot up about 10 percent in early-hours trading, with the lockup period for nearly 800 million FB shares expiring today.
Facebook’s stock price has seen some serious ups and downs since its IPO debut back in May. The stock debuted on the Nasdaq exchange at $38 per share but quickly fell below that just a few days after opening.
The 800 million Facebook shares that are held by employees not named Mark Zuckerberg are now eligible for sale on the open market. While you’d think that could drive the price down, the market clearly anticipated the selling of these shares. It likely has bounced because this was the last big lockup expiration, which should mean no more crazy price drops due to many employees selling at once.
As of this writing, the stock is trading at $21.95, up 10.52 percent over its close yesterday of $19.86.
Mark Zuckerberg photo via TC/Flickr