Facebook Falls Back to IPO Price
Facebook‘s first day as a public company ended with avoiding the embarrassment that company might have to face after its stock dipping below $38 starting price. Social network giants ended the day at $38.23, up 0.61%, having soared 11% earlier in the day. Though more than 460 million shares in the social network traded Friday, setting a new record for a stock debut. In just few minutes after listing on the market, 100 million shares changed hands, which was remarkable. Facebook accounted for 6.9% of the total U.S. stock market volume at 3 p.m. EDT, and 22% of trading in the NASDAQ composite. The major U.S. markets had seen 6.5 billion shares of stock trade.
Mark Zuckerberg, the company’s 28-year-old founder and Facebook’s largest shareholder,
saw the value of his holding reach $20.4bn by the time the market
closed. Facebook have raise at least $16 billion with its initial public offering, which puts the company at $104 billion. However, the riches generated
by Facebook went wider. At $38 a share Facebook created 88 people with
fortunes of over $30m, according to Wealth-X, an analyst that monitors
high net worth individuals. If the price reaches $43, there will be 265
Facebook millionaires worth more than $30m.Facebook’s IPO is the most hotly anticipated share sale since Google’s in 2004. Google’s stock started trading at $85 and ended the day at $100.34. Google’s shares now sell for over $620. Facebook is yet to prove that it could make money from the mobile devices, which is the fastest growing way of access to Facebook. Google IPO haven’t lived up to the expectations of the people but yet I am sure Facebook has a lot to offer to his shareholders in long term.
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