In an Aug. 14 story about Facebook's stock, The Associated Press reported erroneously that LinkedIn co-founder Reid Hoffman is a member of Facebook's board of directors. Hoffman has been an investor in Facebook since 2004 and is eligible to sell shares but is not on Facebook's board.
Facebook's stock plunged to a new low Thursday as some of the social networking leader's early backers got their first chance to sell their shares since the company's initial public offering went awry.
Add Angie's List to the list of Internet companies now trading below their IPO price.
Facebook's early investors and a handful of directors will become eligible on Thursday to sell stock they own in the social networking company. It marks the beginning of a time-honored process for public companies, one that will give many Facebook employees the same right to sell their shares this fall.
Groupon became the latest of the newly traded tech companies to report quarterly earnings. Zynga and Facebook reported quarterly earnings that disappointed investors, while Yelp and LinkedIn followed with stronger results. Groupon beat expectations on earnings, but disappointed investors on revenue.
GAME OVER: John Schappert, the chief operating officer of online game maker Zynga Inc., has left the company after less than a year and a half on the job.
John Schappert, the chief operating officer of online game maker Zynga Inc., has left the company after less than a year and a half on the job.
John Schappert, the chief operating officer of online game maker Zynga, has left the company.
Several tech companies have reported their quarterly earnings, including Facebook for the first time as a public company. LinkedIn recorded strong results to counter disappointing earnings from other newly traded Internet companies _ namely Facebook and Zynga. Groupon reports next week.