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Twitter+sinks+to+new+low+as+%27lockup%27+expires
Wednesday, 07 May 2014 - 8:49
Twitter sinks to new low as 'lockup' expires
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Twitter shares plunged to new lows yesterday, under pressure after the expiration of the so-called lockup period, which banned sales by company insiders after its public offering.

The stock sank 17.8 per cent to close at $31.85, the lowest level since the Twitter initial public offering last November.

Under US securities lockup rules, some insiders were barred from selling for a period of time after the social network's IPO.

The lockup expired yesterday, but Twitter co-founders and chief executive indicated they have no short-term plan to sell their shares.
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