Day Three: Facebook Sinks Another 4%

Posted by Techvibes NewsDesk

Facebook's IPO on Friday was the largest in the history of technology. The social network raised a staggering $12 billion, valuing the company at well over $100 billion. But after peaking more than 10% above its share price, the stock fell back to its debut price of $38.

On day two, the stock plunged deep into the red. Bleeding panicked sells like crazy, the share price of FB plummeted 12% to less than $34, sinking the company's valuation to barely $90 billion.

Now it's day three, and Facebook is still seeing nothing but red. FB shares are currently down well over 4%, dropping the price to just over $32, leagues from its debut just last week. The company's value has fallen below $90 billion, and everyone is taking a step back to consider the ramifications of this IPO.

This really takes a hammer to Mark Zuckerberg's mind-boggling wealth.

Company:
Facebook
Website:
http://www.facebook.com
Location:
Toronto, Ontario, Canada

Facebook's mission is to give people the power to share and make the world more open and connected. Millions of people use Facebook everyday to keep up with friends, upload an unlimited number of photos, share links and videos, and learn more about the people they meet. more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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