Facebook shares drop to $29
The social network's shares are down nearly 8 percent today, currently hovering around $29 a share. That's far off from the recent IPO price of $38.
Facebook's shareholders can't catch a break.
The company's stock today is trading down to $29.44, shedding $2.46, or about 8 percent, of its market-opening price. The decline comes the same day trading on Facebook was opened to the options market. According to Dow Jones, about 162,000 Facebook options were traded by 9 a.m. PT this morning.
Facebook's continuing decline has struck fear among investors, who wonder how low the company's shares might fall. Facebook went off earlier this month at $38, only to watch its stock plummet in subsequent days. At its current price, Facebook shares are down more than 23 percent since the IPO.
As Facebook's price has declined, so too has its market capitalization. In fact, the company's current market cap values the company at about $63 billion. When the company went public, its market value was about $104 billion. In other words, it has lost more than two Yahoos worth of value (the online company has a market cap of $18.7 billion) in less than two weeks.
With no end to the drop in sight, investors and regulators are looking for someone to blame. In the next several months, there's a good chance that even more details behind the fumbled IPO and subsequent decline will be revealed.