Facebook's share price gets a 5 percent boost

For the first time in four days, the downward trend in the social network's stock turns around, rising by $1.41 per share. Still, it's a far cry from when the company went public.

It's not quite time to pop those champagne corks yet, but things for Facebook have taken a slight turn for the better as trading closed today.

The social network's stock was up by 5 percent after four straight days of losses, according to Reuters. Yesterday the market closed with Facebook's stock at $28.19, but today it rose by $1.41 to close at $29.60.

This is still a far cry from the initial starting price of $38 per share when the company started trading on the Nasdaq Stock Market two weeks ago.

Ever since Facebook went public, it's been a bumpy road with the daily financial forecasts looking ever-bleaker . That's on top of shareholder lawsuits alleging that the social network misled clients about Facebook's revenue growth and withheld certain material information prior to the $16 billion IPO.

As Facebook's price has declined over the past few days, so too has its market capitalization. When the company went public, its market value was about $104 billion and now it's hovering around $63 billion . That means a loss of $41 billion in just two weeks.

About the author

Dara Kerr is a staff writer for CNET focused on the sharing economy and tech culture. She grew up in Colorado where she developed an affinity for collecting fool's gold and spirit animals.

 

Join the discussion

Conversation powered by Livefyre

Show Comments Hide Comments
Latest Galleries from CNET
The best and worst quotes of 2014 (pictures)
A roomy range from LG (pictures)
This plain GE range has all of the essentials (pictures)
Sony's 'Interview' heard 'round the world (pictures)
Google Lunar XPrize: Testing Astrobotic's rover on the rocks (pictures)
CNET's 15 favorite How Tos of 2014