Facebook Falls Below $30 as Option Trading Begins

Facebook Inc.'s FB -8.43%shares tumbled under $30 for the first time, 11 days after the social-media giant launched its initial public offering, as options trading began Tuesday and a negative sentiment continued to weigh on the stock.

Shares fell 7.5% to $29.53 in recent trading, despite a broader market rally. The stock traded as low as $29.35, down nearly 23% from its IPO price of $38 on May 18. Facebook shares have slid over the past couple weeks following a messy IPO process and because of concerns about the company's growth potential.

At its low Tuesday, Facebook had a market value of $80.4 billion, down from its IPO value of $104.1 billion.

Read Full Article from Wall Street Journal

- Posted: 2012-05-29 12:23:59

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