Editor’s note: This article was first published in May 2012. It is same-day market news from 21 May 2012: the share prices of 33.01 and 34.05 dollars and the 13% and 11% falls refer to the first hours of Facebook’s second trading session.
In the first few minutes of its second day of trading, Facebook lost 13% on the stock market, falling as low as 33.01 dollars a share, even below the price range set for the IPO (34–38 dollars).
As we said before, over the coming weeks the market will settle on a target value for Facebook shares. For now, though, the market has its doubts: sell orders once again dominated the session, and the social network is taking a sharp hit.
Meanwhile, The Wall Street Journal reported that Nasdaq is investigating and reviewing the trades from Facebook’s stock market debut to find out what caused the technical glitches that occurred, and so determine which investors should be compensated for the errors in Nasdaq’s system.
At the time of writing (16:31), Facebook is trading at 34.05 dollars, down roughly 11%.
Featured image: ajay_suresh, CC BY 2.0, via Flickr.
