nasdaq
Stock stays steady on its first day of trading.

After its first day of trading as a public company, Facebook’s stock settled slightly above its IPO price.

The stock price jumped to a high of $45 after opening at $42.05. At the peak, Facebook had a value of $123 billion. Now, it’s settled at $38.23 with a value of $104.8 billion (it opened at a value of $104.2 billion) for a 0.61 percent rise.

Facebook’s underwriters (the investment banks that were handling the stock sale) were apparently the only obstacle blocking the stock from dipping below the IPO price of $38.

In other words, Facebook really got the most out of its IPO. The company only made money when the stock was initially sold. After the shares were snapped up by brokers this morning, Facebook’s hands were out of the honey pot. Money changing hands after that was between brokers and other would-be investors, with Facebook not seeing a penny.

Pricing the IPO within a few dollars of the initial bump in price meant Facebook didn’t leave too much money on the table. It wasn’t such good news for those who picked up stock Friday though.

There was some record-breaking news for Facebook today though. By the time the market closed at 4 pm Eastern Time, more than 500 million shares had been traded: more than any other debuting stock in the U.S. ever has.

Photo by bfishadow

Promoted Stories Powered by Sharethrough
Business
Samsung's response to a customer whose phone caught fire only made things worse
Damage control is a tricky thing: One wrong move can make a small crisis exponentially worse. Such is the case for Samsung, which moved to suppress YouTube evidence that its Galaxy S4 smartphone can catch fire for no reason at all, only to have the original poster call the company out for it in a second video that received five times as many views as the first.
Business
Facebook IPO inspires Zuckerberg meme
With more than one million posts last year, Canvas is the image board of choice for meme junkies. Every afternoon, the Daily Dot highlights a collection of images that reflect Canvas users’ current obsession.
The Latest From Daily Dot Video
Group

Pure, uncut internet. Straight to your inbox.

Thanks for subscribing to our newsletter!