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Facebook shares sink again, hit new low

Posted By -NO AUTHOR- On 05/29/2012 @ 6:01 pm In Front Page,Money,U.S. | No Comments

(MSNBC) Shares of Facebook (FB), still reeling from a botched IPO on May 18, tumbled again on Tuesday, shedding about 9 percent to hit a new low at $29 a share.

That’s down about 23 percent from its public offering price. The market value of the company, whose IPO was heavily hyped but plagued by glitches, has shed about $20 billion, according to Reuters.

Tuesday was the first day of trading for Facebook options, which may have contributed to the pressure on the shares and increased volatility.

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