Facebook Share Price Dropped Over 13% On Second Day Of Trading

Posted May 21, 2012

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.