Facebook price sinks again as 141 million shares change hands
Facebook shares hit new lows yesterday - almost down to half their IPO price of $38 - as a rule barring early investors from selling shares expired.
Th share slide goes on
In all , 271 million shares became eligible to hit the market. The stock went down 7% to $19.69 before recovering to $19.87 on Nasdaq .
The prior closing low of $20.04 was on Aug. 2.
Upward of 141 million shares had traded by 3:30 p.m
The Wall Street Journal commented,"judging by volume figures, it looks like investors are getting out as fast as they can."
More than 60 million shares were reported to have traded in the first hour of trading - more than double Facebook’s average daily trading volume since the company went public.
One commentator said , “Even though Facebook’s market cap has almost been cut in half since its IPO, many investors believe that the shares are still over-valued.”