 "Twitter stock slumps as lock-up expires")
Twitter’s stock sank to an all-time low after a post-IPO lock-up period preventing employees and early investors from selling expired on Tuesday. Lock-up periods prevent company insiders from selling stock following an initial public offering. CEO Dick Costolo and co-founders Jack Dorsey and Evan Williams have said that they had no plans to sell their stock when the lock-up expired, 180 days after Twitter’s initial public offering. Still, Twitter’s stock plunged nearly 18 percent to close at $31.85 on Tuesday. Earlier, its shares hit their lowest point ever at $31.72. Trading volume was unusually heavy. San Francisco-based Twitter Inc. went public on Nov. 7. The stock soared as high as $74.73 in December but has declined sharply since. The company’s latest earnings report on April 29 surpassed expectations, but worries about user growth and engagement weighed have on its stock. Associated Press
Twitter’s stock sank to an all-time low after a post-IPO lock-up period preventing employees and early investors from selling expired on Tuesday. Lock-up periods prevent company insiders from selling stock following an initial public offering. CEO Dick Costolo and co-founders Jack Dorsey and Evan Williams have said that they had no plans to sell their stock when the lock-up expired, 180 days after Twitter’s initial public offering. Still, Twitter’s stock plunged nearly 18 percent to close at $31.
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