Facebook's shares down 24% while US IPOs plunged 70% in volume terms in the last decade
Tuesday's fall to $28.84 puts shares of Facebook Inc. -- the social-networking company - - down 24% from their IPO (initial public offering) last Friday week, at $38 apiece. Facebook's IPO debut has been one of the worst performing of any large company, according to data tracker Dealogic. The company raised $16bn from investors and the valuation is down to $79bn, compared with $104bn. While Facebook gets a lot of attention, it's over-hyped launch is not good news because the number of US IPOs has already plunged 70% in volume terms in the past decade compared with the previous two decades.
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