Airbnb sinks as insiders become free to sell shares
A San-Francisco-based home rental start-up, Airbnb's share dropped by almost 6% on Monday as the insiders became free to sell shares for the first time after the company's December IPO.
The company shares traded down by 5.7% at 133 at mid-Monday, earlier falling as low as 130.25.
Airbnb is up 92% from the price set in its IPO, which was Wall Street's largest in 2020, but it has fallen about 40% from its February high.-the edge markets reported.
It became one among Wall Street's five most traded stocks. In view of Airbnb's last week report, Jefferies analyst Brent Thill called the company "the best growth story in travel."
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