Facebook IPO holds steady with first day’s trading; drops on second
Facebook shares started trading on Friday. The company was valuated and shares were priced at $38 each. Much to the surprise of the many watching this highly anticipated IPO, $38/share is exactly where it stayed throughout the day.
Skeptics came out of the woodwork to warn against the investment for various reasons mostly citing a lack of growth potential for Facebook. Despite the critics, the company maintained its opening value and increased by 0.61% to raise billions of dollars for the company on day one.
In other Facebook-related news, Facebook CEO Mark Zuckerberg married long-time girlfriend Priscilla Chan over the weekend, culminating his company’s IPO and her graduating from medical school.
On the second day of trading, the Facebook stock has dropped 10% and is currently trading at $34.01/share