Facebook tumbles below $20 as insiders induce stock swoon


Gigaom

Today’s the day that Facebook (s fb) insiders can begin selling their shares and, even though the market was well-prepared for the event, the stock is getting pummeled worse than expected.

The shares, which traded as high as $45 right after Facebook’s IPO in May, have tumbled 7 percent this morning to a new low of $19.69. Here is a quick-round up of what the financial press is saying:

  • Yahoo Finance lists those now eligible to sell, including Goldman Sachs and Reid Hoffman, but adds that it’s not yet possible to tell if any of these insiders actually did sell — or if the declining share price just reflects investors’ anticipation.
  • WSJ Pro reports that short sellers are having a field day with the stock and that soon there might not be enough inventory available to short. « It was a great short, » Rob Romero, portfolio manager at Connective Capital Management…

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