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UPDATED: Twitter Stock Hits Record Low As Insiders Flee

image from www.hypebot.comUPDATED: Twitter shares fell 17.8% on Tuesday to close at $31.85, the lowest since the company’s initial public offering last November.

Hundreds of millions of shares of Twitter stock "unlocked" Tuesday, which allowed insiders and other longtime shareholders in social media company can sell. The result has been a bloodbath with Twitter down more than 11% hitting as low as $34.00 $31.72 earlier Tuesday. By contrast, the day thaty 800 million Facebook shares unlocked, it's stoke jumped more than 10%.

Last week, Wall Street punished Twitter despite a strong earnings report. Then, investors appeared more concern with new numbers that showed slowing growth for the social network.

Twitter now has 255 million monthly active users, 198 million of which are also active mobile users.  The company generated $250 million in revenues, the vast majority of that coming from mobile ads.