Facebook crashes below $30 in ‘worst IPO in a decade’
Shares in Facebook have dropped below the $30 mark, capping what has been hailed as the most disastrous start to trading of any major flotation in the last decade.
By Katherine Rushton,
The social network has lost more than a fifth of its value since its faltering Wall Street debut on May 18, while its 28-year-old founder Mark Zuckerberg has been honeymooning in Rome. It is now unlikely to recover in the short term, analysts claimed.
After placing at $38, Facebook’s shares briefly peaked at $45 before sinking back to $38.25 on their first day of trading. They have fallen every day since then, and today plummeted nearly 10pc to a low of $28.84 at the close in New York.
