Facebook shares hit new lows

Facebook shares have sunk to fresh lows after early investors were allowed to ditch the stock for the first time since its flotation.

The social networking giant’s shares fell 6% on Wall Street last night to set a record low below $20 (€16.2M)) after investors who bought into the company before it went public were allowed to sell up to 271 million shares as a “lock-up” period expired.