Facebook Shares Hit New Low

Stocks sink 7.1 percent after early investors get permission to sell.

Facebook Inc shares sank as much as 7.1 percent to a record low after early investors got the greenlight to sell for the first time since the No. 1 social network went public, starting a string of insider lockup expirations expected to pressure the stock for months.

More than 270 million shares owned by early investors became available for trade on Thursday. That's more than half the 421 million shares sold in the May initial public offering.