Twitter (TWTR) fell more than 11 percent in early trading on Tuesday, after nearly 470 million shares of the micro-blogging giant from company insiders became eligible to be sold. The stock also hit an all-time low of $34.04 in the process.
Last month, Twitter tried to reassure investors ahead of its lockup expiration period by announcing that some of the company’s biggest owners, including co-founders Jack Dorsey, Evan Williams as well as CEO Richard Costolo, had no “current plans” to sell shares. Major holders such as Rizvi Traverse Management LLC and Benchmark Capital, have made similar announcements. However, that didn’t seem to help in terms of slowing the name’s steep sell-off Tuesday on a 5x higher-than-usual volume.
Twitter went public in November with an IPO priced at $26 per share. The stock climbed as high as $74.73 in late December. But shares have been falling in 2014 with returns of -45% since Jan. 1.