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Facebook Falls Below Its IPO Price

Facebook Falls Below Its IPO Price
Photograph by Spencer Platt/Getty Images

Less than an hour into only its second day of trading, 88 million shares of Facebook had changed hands and the price was down 12 percent from Friday’s close of $38.23. (The shares closed Monday at $34.03.) In other words, you could buy this most anticipated of initial public offerings at a substantial discount from the price that Wall Street reserved for its preferred clients.

With a valuation of $104.8 billion at the May 18 close, Facebook was already worth more than three times the other 10 U.S. consumer Internet companies to have gone public in the past year; LinkedIn, valued at $10.3 billion, is second.