Facebook’s shares plummet to under $30

Facebook’s awkward performance in the stock market continues to jar investors. Its shares have fallen to a new low, prompting questions about whether the company’s valuation was exaggerated in the first place, as many people believed.

According to Reuters, Facebook Inc. shares were trading at just under $29 yesterday as many investors sold off their shares citing concerns over the company’s long term business plans:

Shares of the No. 1 social network fell 10 percent to an all-time low of $28.65, before closing at $28.84, or down 9.6 percent. Since its market debut at $38 on May 18, the eight-year-old company has shed approximately $25 billion in value – roughly equivalent to the market capitalization of Morgan Stanley, the lead underwriter of Facebook’s IPO.

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