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updated: 5/6/2014 11:13 AM

Twitter stock slumps as lock-up expires

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  • Twitter's stock is down to an all-time low after a post-IPO lock-up period preventing employees and early investors from selling expired Tuesday.

      Twitter's stock is down to an all-time low after a post-IPO lock-up period preventing employees and early investors from selling expired Tuesday.
    Associated Press

 
Associated Press

NEW YORK -- Twitter's stock is down to an all-time low after a post-IPO lock-up period preventing employees and early investors from selling expired Tuesday.

Lock-up periods prevent company insiders from selling stock following an initial public offering. CEO Dick Costolo and co-founders Jack Dorsey and Evan Williams have said that they have no plans to sell their stock when the lock-up expired, 180 days after Twitter's initial public offering.

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Still, Twitter's stock fell nearly 11 percent on Tuesday, to $34.61. Earlier, shares hit their lowest point ever at $34.55.

Twitter went public on Nov. 7. The stock later soared as high as $74.73.

San Francisco-based Twitter's latest earnings report surpassed expectations, but worries about user growth and engagement weighed on its stock.

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