Facebook Shares Cool, Ending Slightly Higher

FacebookFacebook’s IPO didn’t quite live up to its hype. After running up to around $42 a share after trading began, it drifted lower to end the day at $38.23, for a gain of 23 cents.

Still, an $18.4 billion IPO is an $18.4 billion IPO, so let’s not be too blase.

Trading volume was high — more than 100 million shares in the first three minutes, and around 200 million before 1 p.m. ET. So many last-minute orders were posted, Nasdaq delayed initial trading in the shares from 11 a.m. to 11:30. By day’s end more than 515 million shares were traded, a record for a new issue.

By the way, Mark Zuckerberg’s net worth is now in the area of $20 billion.

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Updated 4:30 p.m. with final trading figures.

Comments

  1. BY Suzanne says:

    Not surprised. At that price, it’s significantly overvalued.

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