Facebook stock hits new low, loses $62.5b in market value
SAN FRANCISCO (AFP) - Facebook stock hit a new low on Tuesday, with the world's leading social network having lost more than US$50 billion (S$62.5 billion) in market value since it became a publicly traded company in May.
Facebook shares closed on the Nasdaq at US$17.73, up slightly from the record low price of US$17.55 seen during the trading day. The California company's shares recovered to US$18.05 in after-market trades.
The price was less than half the US$38 that shares sold for at the Facebook initial public offering on May 18.
Weeks of finger-pointing in the wake of the disastrous stock market debut has aimed blame at initial public offering (IPO) underwriters; the Nasdaq; top Facebook executives, and investors who pounced despite pre-IPO warning signs.