BZFD - BuzzFeed slides 41% amid lockup expiration

BuzzFeed stock (NASDAQ:BZFD) slid 40.7% Monday, shedding more than $200 million off an already depressed market value. And the move is likely due to some heavy share sales tied to lockup expirations, following the company's going public via special-purpose acquisition company in December. The tumble came amid a surge in option trading volume, led by June 17 $3 puts. The stock closed Monday at $2.23, down from a previous $3.76. The company's now worth just over $300 million, a far cry below its IPO valuation of $1.5 billion. One analyst tells Insider that lockup expirations are surely to blame ("This was the first and biggest lockup to expire") and that BuzzFeed is unique for having a "heavy concentration" of nontraditional investors, such as media companies.

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BuzzFeed slides 41% amid lockup expiration