Shares of Facebook rallied Wednesday as a new tranche of shares, the largest since the company’s initial public offering, became eligible for trading.
Shares opened at $20.08, and closed at 22.36, up by more than 12 percent.
The increase was unexpected because a stock’s price generally falls when a glut of shares becomes available.
For Facebook, the increase was particularly fortuitous, because the stock is worth just over half of its initial public offering price in May.
News Tribune news services
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