BUSINESS

Facebook's stock ends Friday on a high note, closes up for the week for the first time

06/15/2012 05:50 EDT | Updated 08/15/2012 05:12 EDT
NEW YORK, N.Y. - Facebook's stock closed with a gain for the week for the first time since its initial public offering a month ago.

The stock climbed $1.72, or 6.1 per cent, to close at $30.01 on Friday. That's up 10.8 per cent for the week, though it's still down 21 per cent from its IPO price of $38.

Also on Friday, Facebook's chief technology officer, Bret Taylor, announced that he is leaving the company to work on a startup. Taylor said on his Facebook timeline that he's "sad to be leaving, but I'm excited to be starting a company with my friend Kevin Gibbs."

Taylor joined Facebook in 2009 when the company bought FriendFeed, the Internet company where he was working at the time.