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Facebook's stock price falls below $30

1 June 2012

Facebook's stock has fallen below $30 for the first time since its much-awaited public debut this month. It closed at $28.84 on Tuesday 29 May, down 24% since its public stock debut.

Facebook Inc. began trading publicly on May 18 2012 following one of the most anticipated stock offerings in history.

However, it's debut was marred by technical glitches at the Nasdaq Stock Market that delayed trading. And the company, along with the investment banks that led the IPO, is now the subject of at least two shareholder lawsuits.

Facebook's initial public offering of stock priced at $38 and raised $16 billion for Facebook and some of its early investors. It had valued the company at $104 billion — more than Amazon.com Inc., at $98 billion, at the time.

The slump fuelled fears of a wider technology bubble, particularly among other social networks and consumer-orientated companies. In Russia, Vkontakte, which out-ranks Facebook as the country’s most popular social network, with 119m users, pulled its own IPO “indefinitely”.

Wedbush analyst Michael Pachter said that Facebook's stock has been hurt by what he called "near-term issues" that include the Nasdaq glitches, an oversupply of stock that was being offered and the allegations of selective information disclosure.

But he rates the stock "Outperform" and has a 12-month target price of $44.

With the latest drop, Facebook's value is approx $80 billion.

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Access Control Systems using Power over Ethernet (PoE) Technology from Borer