Facebook: The Great Selloff
Over the next four months almost 70% of Facebook (FB) shares could hit the market in a huge selling force. The flood gates open for the first round on Thursday August 16th. What could it do to the current value of FB shares?
Leave it to Henry Blodget to figure out who may be selling and how much they are holding. Blodget also speculates what those rich people might do, let it ride or sell like no tomorrow. Including Goldman Sachs (GS) sitting on 41.6 million shares of FB. Facebook closed down 5.6% today to $20.38, that's 2.7% from its 12 month low.
Here's the 411 -- (Business Insider | Henry Blodget) There has been a lot of noise about the massive number of Facebook shares that are going to be released from lock-ups in the next four months.
No one knows exactly how many of these shares will be sold.
But given the humongous number of them--2+ billion shares, or about 70% of Facebook's shares outstanding--it's a bit like standing at the base of Hoover Dam wondering if the floodgates are about to be opened.
The potential deluge will begin Thursday morning, when 268 million shares (10% of the shares outstanding) will be released. Continue at BusinessInsider.com
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