CoreWeave insiders and early backers have sold more than $1 billion of shares after the expiry of a post-IPO lock-up period, marking the first time major

CoreWeave (CRWV) shares had dropped 10% by noon Thursday trading as its initial public offering lock-up period is slated to come to an end when the market closes today.

Those offloading stakes as the lock-up period expired on Thursday night included CoreWeave director Jack Cogen, who sold shares with an aggregate market value of nearly $300mn, according to company filings. Shares held steady at about $100 on Friday at midday, after dropping about 35 per cent over the previous two days.