Twitter hits record low after lifting of investor restrictions on share sales

Twitter fell further after hitting a record low yesterday following the lifting of restrictions on share sales by insiders and early investors.

The stock dropped as much as 6% and traded at $30.83 in New York. Twitter plunged 18% yesterday even as early investors Chris Sacca and Rizvi Traverse Management pledged not to sell in a sign of confidence in the company.

The decline has renewed concerns that internet stocks are overvalued and sparked a sell-off in social media companies.