Facebook shares dropped by over 10 per cent in early morning trading on the Nasdaq to fall as low as $33 as investors failed to buy into the hype around the firm's flotation on the stock market.
The firm hit the stock market on Friday with an opening price of $38 a share, valuing the company at over $100bn. However a glitch on the Nasdaq system caused problems with sharing trading which hurt early momentum, while the shares ended the day up just 23 cents.
The fact Facebook wasn't left with an even more embarassing first day was thanks to backers Morgan Stanley. According to Bloomberg, the underwriters stepped in to prop up the wilting share price.
Since then, investors have remained cautious on the firm's shares, leading to a decrease in value when markets opened on Monday in the US.
The performance of Facebook's shares comes in stark contrast to some other social sites, such as LinkedIn, which more than doubled in first day trading.
Nevertheless the value of the shares still helped Facebook raise some $16bn in new funds that it will no doubt use to help it acquire new services or expand its workforce.
The disappointing performance of the stock price comes after it was announced that Facebook founder and chief executive Mark Zuckerberg got married over the weekend.
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