NEW YORK (AP) — Facebook’s stock is tumbling well below its $38 IPO price in the social network’s second day of trading as a public company on Monday.
By early afternoon, the stock fell more than 11 percent to $33.81.
Investors and technology industry watchers are closely tracking the Menlo Park, California-based company’s shares. The world’s largest online social network was one of the most anticipated initial public stock offerings ever, and now serves as a bellwether for other social media companies.
Facebook’s market debut Friday suffered some hiccups, with trading on the Nasdaq delayed for a half hour and issues with traders’ orders. The stock closed Friday just 23 cents above where it priced Thursday night, when many investors had hoped for a big first-day pop.
Copyright 2012 The Associated Press.