Facebook shares crash to below IPO price
Facebook shares plunged more than eight percent below the IPO price of $38 in opening trade Monday, after fizzling in their debut Friday (18 May 2012).
Three minutes into opening trade, the shares were changing hands at $35.02, as markets generally rose.
Facebook launched into public trading amid high expectations from analysts after a record-breaking IPO run that saw the world’s largest social network comfortably reach its upper-range $38 per share starting price.
However, what resulted from the company’s first day of trading was a lot of disappointment as the stock hit a high of $45 and then fell flat to $38.23 – only 0,61% higher than its IPO price
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