Facebook shares fall 12% in early trades
Shares in social media giant Facebook have fallen by 12 per cent in early trades meaning the stock has now dropped below its opening share price of $38.
The stock price has fallen to $33.64 in early trading in New York.
Facebook raised $16bn in its initial public offering on Friday, the shares rose over 10 per cent at their opening on Friday but have continued to fall since then.
According to the FT, Morgan Stanley, which is acting as the IPOs chief underwriter, stepped in to prevent the price from falling further throughout the day and the share price closed at $38.23 on Friday.
There was a delay to the opening of the Facebook IPO on Friday due to a series of technical glitches at Nasdaq, the stock exchange on which the company floated.