Don't think theres any good reason for this massive slide
They 3 biggest owners of the stock are each selling 10% of their shares on the secondary. While that might normally be bad news, the whole point of this secondary is to lesson the effect of the original lockout date of 12/23. Heres the good news: These 3 holders will not be able to sell in the 12/23 lockup and were forced to sign a new 90 day lockup deal! Keep in mind these 3 holders hold nearly 75% of the outstanding shares not already part of the float. I don't think many people have realized that the 12/23 lockup has effectively been made into "no big deal" from a "really big deal".
business insider just reported
Cant believe they got this thing sold at $78.15
Read the details people the secondary has a 90 day lockup so in effect this is great news because it will in effect DELAY the dilution from the 12/23 original lockup date. Doesn't matter what it prices at! Wont matter since the shares can't be sold till February.
Thats what morons selling don't get is this is a win/win for longs!!! Its delaying a big chunk of the original lockup expires 12/23.
Why the heck should people on social security get a discount? Explain that to me!
Also hearing 3 times oversubscribed, means theres no trouble getting buyers for Gopro. This thing will break $90 next week I think.
This is really big news. Would be worth a lot as a media company.