Ouch! Facebook slumps below IPO value on day 2
Stock stumbles after mega-hyped debut
Updated Facebook's stock tumbled below its initial public offering valuation to $37.46 per share in pre-trading figures on Wall Street this morning.
Although technical problems at Nasdaq delayed the IPO, Mark Zuckerberg's web firm eventually floated last Friday, valued at $104bn with an opening price of $38.
The dominant social network, however, just slipped below that IPO price in New York this morning. It closed its debut on Nasdaq on Friday at $38.23, apparently with a little bit of help from Facebook's underwriters.
At time of writing, Facebook stock is currently trading at $36.75. ®
If $42 was the good old days, that pre-trading figure was clearly the new good old days. Once NASDAQ opened, Facebook took a rapid dive under the $36 mark, hitting a low of just over $33. It then spent the rest of the day bouncing around the $34 mark, before closing at $34.03, down 11 per cent. Which is around the top end of the original valuation, before last Thursday's pre-trade bump to $38.