Facebook stock continues to slide
NEW YORK, NY - MAY 18: The Nasdaq board in Times Square advertises Facebook which is set to debut on the Nasdaq Stock Market today on May 18, 2012 in New York, United States. (Photo by Spencer Platt/Getty Images)
Posted: 05/22/2012
NEW YORK -
Facebook's newly public stock is sliding further on its third trading day as investors reconsider how much the social network is worth.
The Menlo Park, Calif., company's long-anticipated initial public stock offering raised $16 billion, valuing the company at $104 billion -- more than Amazon.com Inc., at $98 billion. Google Inc., meanwhile, is worth close to $200 billion.
But the stock has plunged after the IPO. Facebook's shares are down 71 cents, or 2 percent, to $33.32 in late morning trading Tuesday, after dropping as low as $30.98 earlier in the day. That values the company at about $91 billion.
Shares sank 11 percent to $34.03 on Monday. The stock priced at $38 in its IPO late Thursday.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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