Facebook: Now worth 40 percent less 11 days after IPO

facebook now worth 40 percent less 11 days after ipoLess than two weeks after Facebook’s IPO launched, the company’s value has fallen from an estimated $104 billion to $61.98 billion, with trading falling even further today as the markets opened again in the US after the holiday weekend. That’s the bad news for the social network. The worse news? Things aren’t expected to improve any time soon.

Continuing its trend of falling share prices when the overall market rises (Today, the NASDAQ closed up), Facebook stock took another tumble in today’s trading, falling an additional 10 percent from its opening price, bringing its overall price to a new low of $28.84, almost a full $10 down from the $38 price that the stock launched at on May 18, bringing the company’s core value down to just almost $62 billion. With the company facing a class action lawsuit over the information released to investors prior to the IPO brought by the law firm of Robbins Geller, the last thing the company needs to hear is that things are about to get worse, but apparently, they will.

Speaking to Reuters, Janet Tavakoli, president of Chicago company Tavakoli Structured Finance, suggested that “there is still a long way to go down from here” for the stock, in part because of the stock’s poor performance to date: “There will be insiders selling their shares on August 20, when the first lockout period is over. There will be a lot of shares that will hit the market and more in coming months,” she claimed. In perhaps worse news, the stock hasn’t reached such a low price that other investors are tempted to buy in and wait for an upswing, with Reuters also quoting Ryan Jacob of the Jacob Internet Fund as saying that “If the price is right, we would consider buying [but] it’s not quite there yet.”

Already, the Facebook flop has other companies reconsidering their own future plans: The Wall Street Journal is reporting that Russian social network Vkontakte is having second thoughts about its own IPO, with CEO Pavel Durov saying that “the Facebook IPO damaged many private investors’ trust in social networks” as he explained that his company’s IPO was being postponed indefinitely. It’ll be interesting to see in days ahead whether this is the first of many companies to falter in the wake of what appears to be Facebook’s fall, or just an anomaly. Either way, Mark Zuckerberg and compatriots must be really regretting losing their lucky rabbits’ foot right about now…


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