One of Facebook's three remaining lockup periods expired on Monday.
With the market only now opening after Hurricane Sandy, the stock is dropping as employees sell and other stakeholders get out of the way.
The stock is currently down 4%.
A second lockup, which is much larger, will hit on November 14. The third will hit December 14.
Some broad numbers, which Henry Blodget put together on Monday:
- Prior to today, Facebook's "float" was 692 million shares (stock available to be sold in the public market).
- As of today, an additional 234 million shares (and options) can be sold.
- On November 14, an additional 777 million shares will become available for sale
- On December 14, an additional 156 million shares will become available for sale
- On May 18, 2013, an additional 47 million shares will become available for sale
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