Wednesday, June 12, 2024

Facebook Breaks Its IPO Price, Falls Sharply in Morning Trading

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The Washington Post: Although it was the most highly anticipated tech IPO of the year, Facebook’s stock has failed to impress investors. On the first day of trading, the stock briefly jumped up from the $38 IPO price and hit $45, but it sank back down to $38.32 by the end of the day. Today, on its second day of trading, Facebook’s stock opened at $36.66 and soon fell to $33.34.

Technical glitches with the Nasdaq Exchange may have contributed to the low share price. In addition, some analysts say Facebook’s last minute decision to offer more shares for sale may also have played a role.

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