The Facebook stock continued to fall over the weekend, and at the close of business on Tuesday it was selling at $28.84.
The stock was greeted with great interest when it was first made available for public trade. The price on that day, May 18, 2012, was $38.00. Investors pushed that number to $42.05 when trading began that day. It quickly raised $16 billion for the 8-year-old company that had its worth placed at $104 billion. However by the close of May 18th’s trading day the stock was valued at $38.23. Legal issues also plague the newly issued stock based on information banks underwriting the stock may have shared.
Tuesday’s price represents a 24% drop in under two weeks. The company is currently valued at $79 billion. however, according to Michael Pachte, Nasdaq problems are the cause of Facebook’s number, and he says the stock will reach $44.00 per share.