Facebook Rises After Biggest Lockup Expiry: San Francisco Mover
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Facebook Inc. had its second-largest gain since going public as investors -- undeterred by a surge in the number of tradeable shares today -- bet on the company’s potential to boost advertising revenue.
The stock advanced 13 percent to $22.36 at the close in New York. It rose by more only once before, on Oct. 24. Restrictions lifted today on 804 million shares held by former employees and those who sold at the initial public offering, almost doubling the total publicly available, according to a regulatory filing.