As I predicted before it went public, then again in June and again two weeks ago the Facebook massacre continues. Some Facebook shares became "unlocked" yesterday and the stock dropped about 6%, reaching a new low, closing below $20.
There are over 1 billion more shares still to be "unlocked" before year's end. This could get really ugly.
Update: Facebook seems to be in free fall, dropping another 4% today.
To my Charming and Loyal readers:
As you may know, I have been having a nightmare with my 3rd-party commenting system. I have gotten rid of it and have reverted to my old system. I'm sure this will create enormous new problems, but what the hell can I do? I am going to try to convert to the Blogger native commenting system as soon as I can. Please be patient and I'm sorry for the millions of comments I have lost. TAC