(By Balachander) Facebook Inc. (NASDAQ: FB), whose lockup provisions on more than 800 million shares expired on Wednesday, has launched an application that allows recruiters to share positions.
The announcement sent shares of LinkedIn Corp. (NYSE: LNKD), a professional-networking site, down on Wednesday.
The new tool will make it easier for people on Facebook to find and share employment opportunities, the social networking site said.
Facebook created the Social Jobs Partnership (SJP) last year with the U.S. Department of Labor and other agancies. SJP is an initiative that leverages social media to connect great jobs with great candidates.
[Related -A Trade and Target Levels in Rising Facebook (FB)]
The app launches with employment opportunities provided by BranchOut, DirectEmployers, Work4Labs, Jobvite and Monster.com, Facebook said.
Together, these developers are offering applicants access to more than 1.7 million jobs currently hosted on Facebook.
FB shares jumped 10.98 percent to trade at $22.01, while LNKD shares shed 1.24 percent to trade at $98.03.