Shares of Facebook (FB) opened at $42.05 on today, up about 11 percent from the IPO price of $38. At this valuation, the company is worth around $115 billion. But shortly after the open, despite all the bubblicious hype leading up to FB's debut: share price dropped. At the time of this blog post, the price is hovering around $38.
The WSJ reports that trading volume was more than 375 million in first three hours of listing, more than 6.5% of total market volume. Trade volume is expected to set a new record in trading volume on IPO day.
STOCKENFREUDE (n): That feeling you get, as someone who loathes Facebook, seeing FB shares crap out on IPO day.
Facebook shares show no gain on day one. In other breaking news, the Winklevii are cackling and rolling a blunt.— N'Gai Croal (@ncroal) May 18, 2012
Weird, I swore Yahoo had a patent on flat stock growth. Add it to the lawsuit pile.— MG Siegler (@parislemon) May 18, 2012
By the flat = win for Facebook logic, closing under $38 would have been a bigger win since they would have sold higher than market value.— Gabriel Snyder (@gabrielsnyder) May 18, 2012
Facebook ends the day at $38. It's like this whole day of trading never happened.— Heidi N. Moore (@moorehn) May 18, 2012
I predicted Facebook would finish the day below $38. I'd forgotten about the underwriters. It'll be $32 next week.— John Perry Barlow (@JPBarlow) May 18, 2012
T-shirt: "I created an 800 million user platform that's barely begun to monetize and all I got was this $104 billion valuation."— Chris Sacca (@sacca) May 18, 2012
So happy to see some kids from Harvard finally get a break.— Ana Marie Cox (@anamariecox) May 18, 2012