Flotation: A Nasdaq reporter in New York as Facebook floats
22 May 2012
Facebook’s share-price tumble continued apace this afternoon, following yesterday’s 11% , with a further 4% slide in early Wall Street trade.
Floated at $38 on Friday, the shares tumbled to below $33.
Investors are now questioning the role of lead underwriter Morgan Stanley amid claims it had exaggerated the company.
US fund manager Keith Wirtz said: “They overplayed the enthusiasm.”
