BUSINESS

Facebook stock slide deepens as investors reassess company potential

05/22/2012 10:04 EDT | Updated 07/22/2012 05:12 EDT
NEW YORK, N.Y. - Facebook's newly public stock is sliding further on its third trading day as investors reconsider how much the social network is worth.

The Menlo Park, Calif., company's long-anticipated initial public stock offering raised US$16 billion, valuing the company at $104 billion — more than Amazon.com Inc., at $98 billion. Google Inc., meanwhile, is worth close to $200 billion.

But the stock has plunged after the IPO. Facebook's shares are down 71 cents, or 2 per cent, to $33.32 in late morning trading Tuesday, after dropping as low as $30.98 earlier in the day. That values the company at about $91 billion.

Shares sank 11 per cent to $34.03 on Monday. The stock priced at $38 in its IPO late Thursday.