Twitter's stock fell after its early investor shares could be traded, and the possibly glut of shares on the market likely spooked investors. This six-month lock-up period expired today and shares fell more than 12 percent, according to reports.
Twitter's shares hit a low of $32 on the New York Stock Exchange, the first time it's fallen below $37 since its November 7 initial $26 public offering, according to Reuters. More than 6 million shares changed hands by midday, four times the usual amount.
About 470 million shares were locked up and could not be traded until six months after the IPO. If the shares flood the market at once, the price could be driven down.