Evan Williams
Twitter stock slumps 18% as lockup expires
Twitter stock slumps 18% as lockup expires

Twitter Inc. shares plunged to a record low after the company lifted restrictions on share sales by insiders and early investors, renewing concerns that Internet stocks are overvalued and sparking a sell-off in social-media companies. The stock slumped $6.90, or 18%, to $31.85 as about 480 million shares from insiders became eligible for sale, more than quadrupling the amount available for trading. They declined even as early investors Chris Sacca and Rizvi Traverse Management pledged not to sell, declaring confidence in the San Francisco company. Twitter's shares have slipped this year after the company reported slowing user growth, raising concern that it may not be able to add more...