Facebook Stock Falls Below $30 a Share

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The price of Facebook dropped $3.07, almost 10 percent, to close at $28.84.

 

Facebook shares are 24 percent lower since their highly publicized IPO on May 18th of $38.

Financial experts say Facebook stock has been hurt by an oversupply¹ of shares, NASDAQ problems that postponed² trading on the first day, and investor³ lawsuits⁴.

 

Facebook's main underwriter, Morgan Stanley, has been accused of cutting its forecast of Facebook's future earnings⁵ just before the shares went on sale. The bank allegedly told large investors⁶ while withholding⁷ that information from average investors.

 

The bank has said it did nothing wrong.

 

Despite Facebook's slide, some analysts⁸ say they still have confidence in the company and predict the share price will rise by the end of the year.

 

Facebook is the world's most popular Internet social network, with nearly one-billion users worldwide. People use Facebook to post photographs and write details about their lives, often reconnecting with long-lost friends and family members. But technology experts say Facebook  has yet to devise a strategy to attract advertising⁹ on mobile devices like smartphones or tablet computers, causing some analysts to question its ability to make money.

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