Facebook shares plummet to new low
By The Week Staff | August 16, 2012
Facebook's latest earnings report was distinctly unencouraging and the company's failure to outline a way to cash in on the mobile market didn't help matters.
Marc Tirl/dpa/Corbis
T
he price of Facebook stock plummeted on Thursday amid worries that a rush of sales by early investors — such as Accel Partners and Goldman Sachs — who are now allowed to sell their shares, could create a surplus in the market. Shares of the social networking site fell more than 6 percent in early trading, reaching $19.69 — their lowest point since Facebook went public in May, and a decline of nearly half of the original offering price of $38.
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