Facebook worst IPO flop of the decade, Bloomberg says
A 13 percent drop in the social network's shares over its first five days of trading cinches its status, the news service reports.
Based on the first five days of trading, the IPO did even worse than MS Global, a company that is now in bankruptcy, markets reporter Sheila Dharmarajan said on Bloomberg TV today.
"It really goes to show the magnitude of the flop of the Facebook IPO," she said.
Facebook's stock has been nothing but a headache for the company since it went public on Friday. After a bungled first day of trading on the Nasdaq exchange, shares have fallen considerably this week. The decline comes amid disclosure that information was selectively supplied to large institutional investors and not smaller individual investors. As a result, this has been more of a black eye than glorious moment for Facebook.
Facebook's stock is down 16 percent from its IPO price. It was down 3.4 percent to $31.90 today.