Facebook Has Lost About $35 Billion In Value Since IPO As Shares Dip Below $29

Pain, pain, and more pain for Facebook's stock. Facebook sunk into the $20s for the first time today, declining about 9 percent as options trading started. The decline also came a day after a third wave of reports came out about a Facebook phone, which would push the company into the risky and expensive world of building hardware. Shares hit a new low of $28.65 and are now trading at $28.84. That gives the company a market capitalization of $79.02 billion, down from $115 billion market cap Facebook opened at on the day of its IPO when it started trading at $42.05 a share.** (That said, if you're a glass-is-half-full kind of person, Facebook is now cheap, cheap, cheap!)

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