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Facebook shares fall

CAROL MARTINDALE, [email protected]

Facebook shares fall

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Facebook shares have dipped below $29 for the first time since their flotation to a new low.
The shares were launched at $38 less than two weeks ago during its high-profile flotation, which valued the firm at $104bn (£66bn).
Since then, Facebook’s shares have lost almost a quarter of their value.
Russia’s biggest social network, VKontakte, has now postponed its stock market launch, fearing a repeat of Facebook’s problems.
“The IPO of FB [Facebook] destroyed the faith of many private investors in social networks,” said chief executive Pavel Durov in a message posted on Twitter.
Facebook shares fell more than 9% to a low of $28.78.
One reason for the fall in shares since its initial public offering (IPO) is that Tuesday was the first day that options on Facebook stock began trading. (BBC)