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Snap Shares Tumble As Lockup Period Expires

Shares of Snap Inc. (SNAP) were sliding more than 2.5% to $13.47 in early morning trading on Monday as the company's first lockup period expired over the weekend and as many as 400 million shares were eligible to be traded for the first time. Shares were trading at close to an all-time low on Monday.

With the expiration of the 150-day lockup period, early investors and insiders who bought into the stock can start selling their shares. This group includes CEO Evan Spiegel, CTO Bobby Murphy and venture capital firms like Lightspeed Ventures and Benchmark Capital. Snap's current float is 188 million shares, so the additional 400 million potential shares could upset near-term supply/demand dynamics. Historically, companies have seen sizable stock moves when their lockup periods expired.

The lockup expiration comes as Snap has weathered...