Facebook’s IPO on Friday was the largest in the history of technology. The social network raised a staggering $12 billion, valuing the company at well over $100 billion. But after peaking more than 10% above its share price, the stock fell back to its debut price of $38.
On day two, the stock plunged deep into the red. Bleeding panicked sells like crazy, the share price of FB plummeted 12% to less than $34, sinking the company’s valuation to barely $90 billion.
Now it’s day three, and Facebook is still seeing nothing but red. FB shares are currently down well over 4%, dropping the price to just over $32, leagues from its debut just last week. The company’s value has fallen below $90 billion, and everyone is taking a step back to consider the ramifications of this IPO.
This really takes a hammer to Mark Zuckerberg’s mind-boggling wealth.