Facebook stock sinks even more, finishes the day down nearly 10%

Image Credit: Via Jim Merithew/Wired http://www.flickr.com/photos/wiredphotostream/6302976743/
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Post updated at the end of Tuesday’s trading with final numbers.

Facebook’s stock price on the Nasdaq exchange dropped about 9.6 percent in regular trading Tuesday, a steep decline from its original IPO price of $38 a share.

The massive social network debuted on the market 11 days ago and since then, the stock has sunk on news that Facebook botched the IPO process, misled mom-and-pop investors, and is fighting perceptions that the stock is overvalued in light of diminished growth prospects.

Today, options trading began so investors can place different kinds of bets on the stock. The Wall Street Journal reports that some investors have placed options bets that Facebook would “jump to $65 a share by January 2014, while others betting on a slump to $16 a share by December.”

Facebook’s stock opened the day at $31.69 and closed at $28.84, which amounts to about to a 9.62 percent drop. At one point, the stock dropped more than 10 percent.

Take a look at the chart below to see Facebook’s big dip today.

facebook-stock-down

Mark Zuckerberg photo: Jim Merithew/Wired


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