News Summary: Facebook falls to half of IPO price

AP News
|
Posted: Aug 17, 2012 5:20 PM
News Summary: Facebook falls to half of IPO price

CUT IN HALF: Facebook's stock fell to $19 for the first time on Friday, losing half its market value since the company's initial public offering in May.

THE DETAILS: It was a 4 percent drop to hit $19 just minutes before it closed the trading day at $19.05. Facebook's shares ended the week down nearly 13 percent.

MILESTONE: A day earlier was the expiration of a lock-up period that had previously prevented some early investors and insiders from selling their shares.