Facebook Stock Prices Plunge

May 21, 2012

If you were one of the people who rushed to buy Facebook stock last Friday, you're probably none too happy today. Stock prices fell about 11% from Friday's closing price of $38.23. Prices fell as low as $33 per share before rebounding a bit to $34.03 before closing.

Due to technical glitches, trading was delayed on Friday, but that didn't stop more than 80 million shares from being traded in the first 30 seconds, spiking to 567 million shares by the end of trading. But for some wannabe investors, Friday's snafus may have been a blessing in disguise. According to the Chicago Tribune, some people who were shut out of trading are expressing relief, "Curtis Arnold tried to buy Facebook Inc stock 10 times throughout the day on Friday through his online brokerage, E*Trade Financial Inc. ... Seeing what the stock is doing now, I am glad that my order did not go through."

Many other tech stocks faltered on Monday including companies whose fortunes tie rather closely into Facebook's, such as Zynga.