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• The company experienced the worst decline in its shares since it went public
BuzzFeed Inc (NASDAQ: BZFD) shares sank 41% on Monday, after a ban was lifted on major investors from selling their shares.
This was the worst decline in BuzzFeed’s shares since it went public in December last year through a merger with special-purpose-acquisition company 890 5th Avenue.
Many companies which go public have a lockup period preventing investors from selling their shares until the end of a designated period. BuzzFeed’s lockup period expired on June 1.
Shares of companies often plummet on the expiration of lockup period.
The largest shareholders of BuzzFeed include Comcast Corp-owned NBCUniversal, venture-capital firm New Enterprise Associates and media conglomerate Hearst Corp.
Picture Credits: Getty Images
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