Facebook Falls Below $30 as Option Trading Begins
Facebook Inc.’s shares tumbled under $30 for the first time, 11 days after the social-media giant launched its initial public offering, as options trading began Tuesday and a negative sentiment continued to weigh on the stock.
Shares fell 7.5 percent to $29.53 in recent trading, despite a broader market rally. The stock traded as low as $29.35, down nearly 23 percent from its IPO price of $38 on May 18. Facebook shares have slid over the past couple weeks following a messy IPO process and because of concerns about the company’s growth potential.
