Facebook stock continues to drop

[n2doc]

"Thanks for the money, suckers"

Facebook stock has fallen below $30 for the first time since the social-networking giant’s IPO earlier this month.

Around 9:30 a.m. the stock had fallen almost 8 percent to $29.44. The stock has lost almost 22.5 % of its value since it opened at $38 per share on May 18.

The company has lost $21.8 billion in value since it opened on the public market. As of Tuesday morning, Facebook had a market value of $82.3 billion, down from its IPO value of $104.1 billion.

Tuesday’s remarkable decline came as options trading — or contracts that allow investors to make bets on the direction of a company’s shares — began. Analysts also continued to worry about the Menlo Park company’s ability to convert its large user base into consistent profits.

Under $29 now...
http://blog.sfgate.com/techchron/2012/05/29/facebook-stock-tumbles-again-drops-below-30/?tsp=1

[jannyk]

1. Like a proverbial rock

off $3.07 today!