SAN FRANCISCO (CBS/AP) – Twitter’s stock (TWTR) is down to an all-time low after a post-IPO lock-up period preventing employees and early investors from selling expired Tuesday.
Lock-up periods prevent company insiders from selling stock following an initial public offering. CEO Dick Costolo and co-founders Jack Dorsey and Evan Williams have said that they have no plans to sell their stock when the lock-up expired, 180 days after Twitter’s initial public offering.
Still, Twitter’s stock fell nearly 11 percent on Tuesday, to $34.61. Earlier, shares hit their lowest point ever at $34.55.
Twitter went public on Nov. 7. The stock later soared as high as $74.73.
San Francisco-based Twitter’s latest earnings report surpassed expectations, but worries about user growth and engagement weighed on its stock.
Costolo appeared on the CBS Early show Monday and discussed the stock slide, as well as new partnerships the company is exploring.
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