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Twitter set to open 7 percent lower as share lock-up expires

06
May
2014

(Reuters) – Shares of Twitter Inc were set to open 7 percent lower on Tuesday after the expiration of a six-month “lock-up” period that had restricted the sale of roughly 82 percent of the company’s outstanding equity. A likely sell-off would place even greater pressure on a stock that has been trading at all-time lows since April 29, when Twitter’s quarterly results showed sagging usage metrics. Twitter has comfortably hit its revenue targets in the two quarters since it went public on November 7. Twitter’s co-founders, Jack Dorsey and Evan Williams, and Chief Executive Dick Costolo said in April that they did not plan to sell their shares after the restrictions were lifted.

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