After a record-breaking initial public offering, Facebook Inc. shares plunged more than 30% in their first year before a Wall Street rise that made that freshman year seem like an anomaly.
The IPO was beset by issues, however: Nasdaq bungled the bidding process, leaving investors unsure if they had actually received the Facebook shares they wanted, and underwriting banks reportedly had to step in and buy the stock to keep it higher than the $38 IPO price.Shares closed higher than $38 that first day, at $38.23, but plunged more than 10% the following day and failed to touch the IPO price again for more than a year. Despite raising $6.
In year two, Facebook stock more than doubled, gaining 121.3%, and even as the company faced public recrimination for allowing disinformation and misinformation on its platforms and many other missteps in subsequent years, Facebook stock did not have another down year. Much of Facebook’s current troubles, like its year-one trouble, involve Apple and its mobile ecosystem. Apple has changed its permissions for online-advertising providers that can shield more of its users’ data and activity from outside entities, which has caused problems for Facebook and other social-media companies.
nobody needs stupid metaverse we need more oil and gas asap
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