Facebook's (FB) stock continued to witness swinging fortunes as its prices hit an all-time low of $17.55 Tuesday before closing at $17.72, almost 1.82 percent lower than the previous close. Amidst the fluctuating fortunes, CEO Mark Zuckerberg declared that he would not sell any shares at least for another one year.
The announcement from Mark Zuckerberg comes in a bid to shore up investor confidence as various lock-up periods that stop sales by early investor end and this may result in a further decline in stock prices, the BBC has reported.
Facebook shares rose nearly 2 percent in the after-hours trading to $18.08 post the announcement.
In a filing with the U.S. Securities Exchange Commission, the Menlo Park, California-based company said Zuckerberg was yet to adopt a share sale plan.
Typically, insiders pare their holding based on plans, according to Bloomberg noted. Zuckerberg owns 444 million shares of Class B stock and 60 million shares issuable upon exercise of an option.
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Ever since the company went public this year, shares have fallen almost 50 percent.
In an analysis on Facebook stock performance, Forbes has reported that one person who is to be blamed for the current scenario is Mark Zuckerberg as he has deliberately created a culture that is dismissive of stock market that is bereft of responsibilities associated with a publicly-traded company.
The analysis goes on to state that the moves have resulted in problems for the company and is now up to Zuckerberg to learn from the hard lessons.
Apparently, analysts and investors are worried over the firm's ability to generate revenue from users who access the website on mobile devices.
Analysts, including Morgan Stanley and JP Morgan Chase, cut their price targets for the firm shares with Morgan Stanley lowering target price to $32 from $38 and JP Morgan Chase lowering price to $30 from $45, the BBC has pointed out.