Facebook Share Price Dropped Over 13% On Second Day Of Trading
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Over this past week, Nasdaq CEO Robert Greifeld acknowledged that he was embarrassed over the technical glitches in terms of the Facebook IPO. Today Facebook’s shares dropped over 13% and is currently trading at $34.10. Facebook’s share price closed at $38.23 on Friday. The reason why Facebook’s share price did not drop below $38 on Friday is because the underwriters stepped in and bought millions of shares to stabilize it. On Friday, Facebook’s market cap was around $104 billion and the share price caused it to fall to about $93 billion.