BuzzFeed Shares Drop 41% in Wake of Investor Lockup Expiration

BuzzFeed Inc.’s stock plummeted 41% on Monday, shortly after a ban preventing executives and major institutional investors from selling their shares was lifted.

The plunge was the worst percentage drop in the digital-media company’s short trading history, and the its market capitalization has now shrunk by more than three-quarters since its December trading debut. BuzzFeed went public through a merger with special-purpose-acquisition company 890 5th Avenue.