Twitter Falls to Lowest Price Since IPO After Lockup Expires
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Twitter Inc. shares fell to the lowest level since the company’s initial public offering, following the lifting of restrictions on stock sales by insiders and early investors.
The shares dropped 3.7 percent today to $30.66 at the close in New York, their fourth straight decline. Twitter plunged 18 percent yesterday even as early investors Chris Sacca and Rizvi Traverse Management LLC pledged not to sell in a sign of confidence in the San Francisco-based company.