Wednesday, March 28, 2012
SharesPost To Halt Secondary Facebook Trading
SharesPost, the secondary stock marketplace which allows investors to purchase shares in pre-IPO, privately held firms, told its users today that it will cease facilitating transactions in Facebook, ahead of Facebook's IPO. According to SharesPost, as of Friday, end of day, it will cease transactions in Facebook, on request of Facebook, to enable Facebook's "orderly transition into the public markets". Facebook has been among the most heavily traded companies on SharesPost and other secondary trading sites, as investors have looked to gain an edge on public investors in owning a piece of the social networking site. SharesPost is headed by Greg Brogger, and is backed and was co-founded by TrueCar's Scott Painter.