Facebook worst performing IPO in decade!

May 30, 2012 11:14

Facebook shares have dropped below the 30 dollar mark, in what has been dubbed as the worst-performing Initial Public Offering of any major floatation in the last decade.

After placing at 38 dollars, Facebook's shares briefly peaked at 45 dollars before sinking back to 38.25 dollars on their first day of trading. They have fallen every day since then, and today plummeted nearly ten percent to a low of 28.84 dollars at the close in New York, The Telegraph reports.

According to the report, most of the brokers are expected to cut their losses now that Facebook shares have passed the important psychological thresholds of 30 dollars a share and a 20 percent drop in value.

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