nvestors in social-media stocks, including Facebook, didn’t have to wait long to experience their own dot-com drubbing.
Facebook stock fell below $30 Tuesday, tumbling $3.07 to $28.84, the fourth decline in its seven days of trading. It’s now down 24% from its IPO price, making it the 19th worst initial public offering of 125 in the past 12 months.
Seeing Facebook, the godfather of social networking, suffer is making investors wonder if the industry is the bonanza they’d hoped it was. Investors are already scrambling out of related stocks, including social game company Zynga; the so-called “Facebook of China” RenRen; and Internet radio company Pandora…. Read more