In its third day of trading, things definitely did not improve for Facebook as its stock lost even more ground over its opening price.
Facebook lost yet another 8.9% or $3.03 to close at an even $31. At this point it seems hard to remember that within its first few seconds of trading to the public on Friday it jumped up to $43.00.
True, some news came today that a probe is being launched into comments Morgan Stanley said before the stock went public on Friday, but that doesn’t change the fact that it seems the initial price being set at $38 was just too high. At some point this free fall is bound to come to a halt, but one has to wonder what that stopping point is.