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.
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.