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After a less than spectacular first
day of trading on Friday, today Facebook dropped well below the IPO price of
$38.00 per share. Once again retail
investor may be left holding the bag, as news was released that Morgan Stanley the
lead underwriter in the IPO, reportedly moved in on Friday and purchased shares
to prop up Facebook’s price. It’s
unknown how many shares Morgan Stanley purchased. In trading today shares fell as low as $33.00
before closing at $34.03 -4.20 (-10.99%).
Chairman and CEO Mark Zuckerberg had about $2.2 billion of paper losses
today, yet he is still worth more than $17 billion. In after-hours trading the
losses are continuing. After Hours: 33.90 -0.13 (-0.38%)
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