Facebook’s beleaguered stock got an afternoon boost after hitting its lowest level ever earlier in the day.
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.
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.
The Nasdaq stock exchange tried to make amends with investors ensnared by technical problems on the day Facebook went public.
Morgan Stanley, the lead investment bank in Facebook’s troubled initial public offering, will compensate investors who overpaid when they bought Facebook’s stock in Friday’s IPO, according to a source familiar with the matter.
Facebook is in talks with the New York Stock Exchange to move its stock from the Nasdaq Stock Market after a botched initial public offering on Friday, according to a person familiar with the matter.
After the social network’s stock fizzled on Friday in its long-awaited debut, its stock fell 11 percent on Monday, even as the rest of the stock market rallied.
Facebook stock rose more than 10 percent in the world’s biggest online social network’s debut as a publicly-traded company before retreating back to break-even levels.
He famously wears a hoodie, jeans and sneakers, and he was born the year Apple introduced the Macintosh. But Mark Zuckerberg is no boy-CEO.
Menlo Park-based Facebook is planning to list its shares with Nasdaq, according to media reports.