Facebook’s stock fell to $19 for the first time on Friday, meaning it has lost half its market value since the company’s initial public offering in May.
Facebook’s early investors and a handful of top executives become eligible on Thursday to sell stock they own in the social networking company. It marks the beginning of a time-honored process for public companies, which will culminate in the fall, when many Facebook employees receive the same right to sell their shares.
It’s been a month since Facebook’s IPO fell flat and in that time, the market for initial public offerings has collapsed.
The stock increased $1.40, or 4.7 percent, to close Monday at $31.41. That’s still down 17 percent from Facebook’s IPO price of $38. Facebook began trading on May 18.
New documents show that federal regulators wanted to know more about Facebook’s mobile users and the company’s relationship with the online game company Zynga in the months leading to Facebook’s initial public offering of stock.
Facebook is seeking to consolidate the more than 40 lawsuits it faces following its rocky initial public offering of stock last month.
The Nasdaq stock exchange tried to make amends with investors ensnared by technical problems on the day Facebook went public.
The stock fell $1.03, or 3.8 percent, to close Tuesday at $25.87. It’s 32 percent below its initial public offering price of $38. It’s the stock’s lowest closing price to date. Earlier Tuesday, it went as low as $25.75.
Shares of Facebook Inc. slid 82 cents to close at $26.90, after briefly trading as low as $26.44. The previous low for the closing price was $27.72, on Friday.
Facebook’s stock jumped $1.41, or 5 percent, to close Thursday at $29.60. The stock is still down 22 percent since its highly anticipated initial public offering two weeks ago.