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Facebook's stock hit a new low as reality sinks in for the social-networking titan.
Shares opened down 6.6 percent to $31.78 today. It then slipped further to $31.59.
After going public in one of the largest initial public offerings ever, Facebook's stock has seen nothing but trouble. After facing glitches in its first day of trading that halted any potential momentum it had going, shares fell 11 percent on its second day of trading yesterday.
The sentiment this morning wasn't good; shares had already indicated lower before the market opened.
Despite a massive user base of nearly 1 billion people, many consider its $100 billion value to be too high.
Facebook's shares dipped below $30 Tuesday as the company's shares hit new lows and continued to struggle in the wake of its massive initial public offering (IPO).
Even as US stock markets bounced back from falls last week, Facebook's shares slumped over 6% in early trading, to $29.78 – more than $8 below the $38 price set at their IPO earlier this month.
955 million active users and rising.
Facebook stock slides 6% as insiders get chance to sell
NEW YORK (CNNMoney) -- Facebook's life as a public company has been a nightmare from day one, and the pain continued on Thursday as some company insiders got their first chance to dump shares.
Facebook stock hit a new intra-day low of $19.69 Thursday morning, and ended the day 6.3% lower at $19.87.
[money.cnn.com...]
