It seems that an extended weekend didn’t do anything to cool the price dropping frenzy that is the Facebook stock.
On the first trading day of the new week, shares of Facebook took another hit as it dropped a further to 9.62 percent or $3.07 to close out the day at $28.84. This means that in just seven days of trading, Facebook has lost over $21 billion dollars of its market cap valuation. While it doesn’t mean the company is in any sort of dire straights, it just isn’t very pretty.
There are about a thousand scenarios out there for why the stock is continuing to drop ranging from its lack of a true mobile monetization plan to it just simply set its IPO price too high. Whatever the cause, it doesn’t seem to be stopping the company from going on a spending spree.