Tags: facebook | shares | dive | new | depths

Facebook Shares Plumb New Depths

Shares of Facebook Inc slid to a new low on Tuesday at just below $30, extending their losing streak since the controversial and glitch-ridden market debut on May 18.

Stock of the world's No. 1 social network briefly skirted a record trough of $28.84 and was down 5.6 percent at $30.12 at midmorning.

A software error on Nasdaq OMX Group Inc's U.S. exchange delayed the start of trade by 30 minutes on Facebook's first day of trading 11 days ago, which was to have been the culmination of eight years of breakneck growth for the cultural and Internet phenomenon.

Instead, Facebook was engulfed in controversy over claims of selective disclosure about its slowing revenue growth in the days leading up to the IPO, and perceptions among some investors that the stock had been overpriced coming out the gate.

Facebook shares are now down more than 20 percent from their IPO price of $38.

© 2015 Thomson/Reuters. All rights reserved.

1Like our page
2Share
153
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved