(London Daily Mail) Shares of Facebook Inc jumped nearly 13 per cent on Wednesday, as investors breathed a sigh of relief that expiring trading restrictions on a huge block of shares failed to trigger an immediate wave of insider selling.

‘While the lockup is expiring, there is nothing requiring anybody to sell,’ said Tim Ghriskey, chief investment officer at Solaris Group in Bedford Hills, New York.

He added: ‘Given the low price, these long-term holders are deciding to hold the stock, and that is lifting it here as the fear of the expiration subsides.’

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