Facebook shares lose 10 billion on first day of trading

May 22, 2012 11:32

The much-hyped Facebook shares slumped to more than ten percent below their float price over the first hour of trading, as shareholders scrambled to sell shares in what had been pitched as the greatest growth story of the decade. Over 10 billion dollars was wiped off Facebook's value on its first full day as a public company.

The company's founder saw the value of his fortune drop by more than 2 billion dollars to just under 17 billion dollars, as the shares closed down 11pc, at 34.03 dollars.

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