Facebook Inc. CEO Mark Zuckerberg is seen on a screen televised from their headquarters in Menlo Park moments after their IPO launch in New York. (REUTERS)
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.
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Facebook announced today that the social network's 161 million members in the United States will be encouraged to begin displaying "organ donor status" on their pages, along with birth dates and schools. Some 7,000 people die every year in America while waiting for an organ transplant, and the idea here, according to this New York Times story
, is to "create peer pressure to nudge more people to add their names to the rolls of registered donors." Absolutely nothing could go wrong. (via John Schwartz)