Facebook shares fall as much as 14%

UPDATE: Shares in social networking site Facebook fell as much as 14 per cent in New York today.

21st May, 2012
Facebook's debut on New York's Nasdaq.

Shares in social networking site Facebook fell below its $38 offer price in early trading in New York today.

The company raised $16 billion in its initial public offering on Friday but its shares dropped 11 percent to $33.88 a short time ago in New York, after earlier declining as much as 14 per cent to $33.

“There are only so many people that are going to buy into a hyper-growth story,” Bloomberg reported Michael Pachter, an analyst with Wedbush Securities...

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