Facebook remains one of the biggest disappointments on Wall Street for 2012 and the problem isn’t getting any better for the embattled social network.
According to a new report from CNBC, Facebook shares have reached yet another new low this week.
With its third-heaviest volume ever, Facebook shares closed below $20 for the first time on Thursday, as its initial lockup period expired.
The intensified selling pressure, CNBC said, came on the first day that some Facebook insiders could begin selling their stock.
FB fell another 6% on Thursday, marking a 48 percent dip since the company’s initial public offering back in May.
As a result of its steep stock-price drop, Facebook has also seen its market cap slashed enormously since going public. While it had a $104 billion valuation at its IPO pricing, Facebook’s market cap has fallen by $50 billion over the past three months (as of Thursday’s close).
Can Facebook turn things around for the remainder of 2012 and beyond? Please weigh in with a thought or comment below.