Nov. 21 (Bloomberg) — LinkedIn Corp.’s shares dropped to the lowest level in five months after its so-called lockup period ended, letting some early investors and employees sell the stock for the first time since the initial public offering.
LinkedIn, the biggest networking site for professionals, fell 2.8 percent to $70 in New York trading, reaching the lowest point since June 24.
Company insiders are typically forbidden from unloading shares for six months after an IPO, in part to keep sell orders from flooding the market. With the expiration of LinkedIn’s lockup period today, 6.1 million shares changed hands, more than three times the average daily volume over the past month. A worldwide stock slide, which sent the Standard & Poor’s 500 Index down 1.9 percent, may have contributed to the drop.