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Facebook’s embarrassing IPO

Shares of Facebook stock debuted at $38 Friday. The stock was already down to $33 by the middle of the second day of trading. The company had been valued at $105 Billion, but is now valued at $92 Billion based on its stock price. Market analysts are calling the IPO a failure and predicting a new tech bubble burst. Some are predicting that a more realistic value of the Facebook stock is $20-$24.

Critics pointed out that at $105 Billion, each individual facebook page/profile needed to be worth an average of $116. FAcebook advertisers had already begun pulling ads before the IPO. GM spent $10 million in ads on Facebook last year, but announced recently it was pulling all ads.