Shares of Facebook Inc. fell the most in almost three months Friday after a lockup expiration boosted the number of tradeable shares available by about 156 million.
The stock tumbed 5.1 percent to $26.81 at the close in New York, the biggest drop since Sept. 24. Menlo Park, California-based Facebook has lost 29 percent since selling shares at $38 apiece in an initial public offering in May.
The bans on sales are put in place to prevent shares from flooding the market immediately after an IPO. The biggest lockup expiration to date was on Nov. 14, when restrictions lifted on 804 million shares. Smaller batches of stock became tradeable in August and October, and the next lockup lifts in May, according to a regulatory filing.
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