Facebook shares are losing face
Shares of Facebook Incorporated slid to a new low yesterday at just above $30, extending its losing streak since the glitch-ridden market debut on May 18.
Stock of the leading social network briefly skirted a record trough of $30.03 and was down 5.6% at $30.12 in mid-morning.
A software error on Nasdaq OMX Group Incorporated's US exchange delayed the start of trade by 30 minutes on Facebook's first day of trading 12 days ago, which was to have been the culmination of eight years of breakneck growth.
Instead, the company was engulfed in controversy over claims of selective disclosure about its slowing revenue growth in the days leading up to the IPO, and perceptions among some investors that the stock had been overpriced coming out of the gate.
Its shares are now down more than 20% from the IPO price of $38.