Post updated at the end of Tuesday’s trading with final numbers.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":462408,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"entrepreneur,social,","session":"C"}']Facebook’s stock price on the Nasdaq exchange dropped about 9.6 percent in regular trading Tuesday, a steep decline from its original IPO price of $38 a share.
The massive social network debuted on the market 11 days ago and since then, the stock has sunk on news that Facebook botched the IPO process, misled mom-and-pop investors, and is fighting perceptions that the stock is overvalued in light of diminished growth prospects.
AI Weekly
The must-read newsletter for AI and Big Data industry written by Khari Johnson, Kyle Wiggers, and Seth Colaner.
Included with VentureBeat Insider and VentureBeat VIP memberships.
Today, options trading began so investors can place different kinds of bets on the stock. The Wall Street Journal reports that some investors have placed options bets that Facebook would “jump to $65 a share by January 2014, while others betting on a slump to $16 a share by December.”
Facebook’s stock opened the day at $31.69 and closed at $28.84, which amounts to about to a 9.62 percent drop. At one point, the stock dropped more than 10 percent.
Take a look at the chart below to see Facebook’s big dip today.
Mark Zuckerberg photo: Jim Merithew/Wired
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More