Facebook (FB) Investors are Nervous; Another Large Lock-Up Just Expired
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Facebook (Nasdaq: FB) shares are indicated for a lower open Wednesday as investors brace for lock-up provisions that expired on Monday.
About 229 million shares have been freed up for insiders to unload, according to market data. The shares will be a mix of stock issued before 2011 as well as options held by insiders.
Two execs in particular -- COO Sheryl Sandberg and CFO David Ebersman -- had larger portion of their restricted stock units (RSUs) be eligible for conversion last Friday. CNET notes that Sandberg's holdings are worth $396 million, post tax. Ebersman is at $48.4 million, also sans tax.
In total, about 1.2 billion Facebook shares are expected to hit the market before the end of 2012. Future lock-up expiration dates are on November 14th (804 million shares), December 14th (155.9 million), and May 18th 2013 (47.3 million).
Shares are down about 1.6 percent early.
About 229 million shares have been freed up for insiders to unload, according to market data. The shares will be a mix of stock issued before 2011 as well as options held by insiders.
Two execs in particular -- COO Sheryl Sandberg and CFO David Ebersman -- had larger portion of their restricted stock units (RSUs) be eligible for conversion last Friday. CNET notes that Sandberg's holdings are worth $396 million, post tax. Ebersman is at $48.4 million, also sans tax.
In total, about 1.2 billion Facebook shares are expected to hit the market before the end of 2012. Future lock-up expiration dates are on November 14th (804 million shares), December 14th (155.9 million), and May 18th 2013 (47.3 million).
Shares are down about 1.6 percent early.
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