Facebook's Mega Stock Lock-Up Expires Today, Share Price Sees Early Surge
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.