Yesterday a group of restricted stock (271M shares) whose limits expired, hit the market, and volume hit 157M shares -- the largest since the second day (168M shares) following Facebook's IPO. There are several more expiration dates coming up, as Seeking Alpha has noted -- see the abridged chart, originally from SA.
Public Date | # Shares of Common Stock |
August 16, 2012 | 271,123,815 |
October 15 - November 13, 2012 | 133 million + 55 million + 55 million shares |
November 14, 2012 | 1.2 billion + 20 million shares |
December 14, 2012 | 149,432,006 |
May 18, 2013 | 47,315,862 |
As noted by SA, "We believe Facebook (FB) stock is facing pressure similar to what occurs when a company issues a "death spiral" convertible security." Shorts are growing.
So uh...anyone else amused that Reed Hastings (CEO of Netflix) as a board director of Facebook, bought nearly 48,000 shares of FB at $21.03, on August 7th? FB opened that day at $22.20, but closed at $20.72. He lost money the moment he bought his stock. In just over one week, he's already lost 9.4%.
No comments:
Post a Comment