Facebook hits new low as IPO lock-up ends

This Jan. 3, 2011 file photo shows the exterior of Facebook headquarters in Palo Alto, Calif. (AP Photo/Paul Sakuma)

August 16, 2012 12:33:21 PM PDT
Facebook stock is rebounding slightly after dropping to an all-time low Thursday.

Shares of the social media giant plunged as the post-IPO lock-up period ended, allowing early investors to sell their shares and making more than 271 million new shares eligible for trading.

The stock hit a low of $19.69 -- down $1.20, or 6 percent.

Facebook opened at $38 a share in May. The first day of trading was marred by a Nasdaq computer glitch, and then an unimpressive earnings report followed, causing the stock to spiral downward.

Facebook stock was trading at just under $20 in early afternoon trading in New York.