Wall Street's going to be busy today as some 800 million Facebook
shares held by insiders become eligible to trade, completely free of previous lock-up provisions. This isn't the first wave of restricted Facebook stock to be freed up -- Facebook Chief Operating Officer Sheryl Sandberg has already offloaded more than $11 million
worth of previously restricted shares, and so have a few other executives -- but it's by far the biggest wave.
All eyes are on Facebook today to see how many shares change hands. Despite the drop in overall value compared to Facebook's $38 IPO price, the stock is still valuable and will make a lot of people rich.
NASDAQ's trading hours kicked off an hour ago, and already shares of Facebook are up more than 9 percent. At the time of this writing, the social networking site's stock is trading at $21.67 per share, giving Facebook a market capitalization of $47.04 billion. The early surge is a bit of a surprise to some investors who expected the stock to tank, especially considering the share price's downward trend in the past six months.