LinkedIn Unlocked, Shares Down 6.6%
LinkedIn Corporation (NYSE:LNKD) has seen its shares decline over six percent today as its 180-day lockup period came to an end.
About 24 million shares of the company’s common stock had been eligible to be sold after this period and approximately 80 million shares had been set to unlock today; however, a majority of the shares will be tied up for another 90 days (mid-February) thanks to a secondary offering, per a Securities and Exchange Commission filing last week.
The greatest sale will come from Bain Capital Venture Integral Investors, one of the company’s early investors, who will sell their entire 3.7 million share stake ($275 million) at current market prices.
Internally, LinkedIn Chief Executive Jeffrey Weiner is slated to sell almost 373,000 shares; Chief Financial Officer Steven Sordello has filed to sell more than 98,000 shares while Dipchand Nishar, senior vice president in charge of products, is looking to sell 94,500 shares.
LinkedIn’s (NYSE:LNKD) stock went public at $45 per share-IPO price. It opened at $83 per share but has fallen by almost 19 percent.
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