Facebook shares halve in value since IPO

AOL Money Staff
Facebook on a smartphone
Facebook on a smartphone

Facebook shares have lost more than half of their value since their initial public offering three months ago.

The stock slid 7 cents to 18.98 dollars (£12.08) in trading. Earlier, it hit 18.75 dollars, a new low. The social networking site's much-anticipated IPO turned sour amid technical problems on the NASDAQ stock market and high expectations. The stock has not surpassed its 38 dollar (£24.19) IPO price since its first trading day.