UPDATE: Facebook's Big IPO Trading Day Results In A Gain Of Just 27 Cents A Share

Facebook IPOUPDATE, 1:23 PM: Investors swapped 460M Facebook shares — the highest ever day-one trading volume for an IPO. (It beat 458M shares that traded for General Motors when it returned to the market in 2010.) But those who expected to see a big first day pop have to be disappointed. Facebook closed at $38.23, +0.7% from the offering price. Investors may have lost some enthusiasm Friday as the overall market continued to slide, at least partly due to ongoing concerns about the European debt crisis. The benchmark Standard & Poor’s 500 fell 0.74%. Still, Facebook’s IPO is estimated to have created at least 1,000 new millionaires. CEO Mark Zuckerberg told Facebook staffers to “stay focused,” Bloomberg reports. “Right now, this all seems like a big deal. Going public is an important milestone in our history,” he said. “But here’s the thing: Our mission isn’t to be a public company. Our mission is to make the world more open and connected.” (more…)

This article was printed from https://deadline.com/2012/05/facebook-shares-open-without-a-pop-274751/