Facebook Stock Shrivels To Half Its IPO Market Value
MENLO PARK (CBS/AP) -- Facebook's stock fell to $19 for the first time on Friday, meaning it has lost half its market value since the company's initial public offering in May.
It hit that milestone on Friday, a day after the expiration of a lock-up period. The lock-up's end has provided some early investors and insiders with an opportunity to sell shares.
Investors have been concerned about Facebook's ability to increase revenue and make money from its growing mobile audience. Many analysts, however, hold positive opinions of the company's long-term prospects.
The stock closed on its first day barely above its initial public offering price of $38. It has been below that level since.
On Friday, the stock fell 87 cents, or 4 percent, to $19 in afternoon trading.
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