Facebook shares sank 11 percent in the first day of trading
without the full support of the company's underwriters,
leaving some investors down almost 25 percent from where they
were Friday and driving others to switch back to more
established stocks.
Facebook co-founder and CEO Mark Zuckerberg wed longtime
girlfriend Priscilla Chan at the weekend, announcing the
nuptials through a status update on the social networking
site.
The Facebook share price is expected to be volatile over the
next few days, although new rules implemented by the United
States Financial Industry Regulation Authority will help
control the fluctuation, Forsyth Barr broker Haley Van
Leeuwen says.
For a company that is dramatically upending business
strategies and social relationships around the world,
Facebook Inc made a surprisingly modest debut on the Nasdaq
on Friday as a sky-high valuation and trading glitches capped
the stock's rise.
The Privacy Commissioner is concerned at reports that
employers are seeking access to job applicants' Facebook
pages, and has fears that the overseas trend of making it a
requirement for employment will catch on in New Zealand.
Facebook Inc CEO Mark Zuckerberg has fielded questions about
the No. 1 social network's slowing revenue growth and its $1
billion purchase of Instagram as he kicked off a
cross-country roadshow to promote the company's $10 billion
initial public offering.
Facebook plans to raise as much as $US12 billion in Silicon
Valley's largest IPO, dwarfing the coming-out parties of tech
companies like Google Inc and granting the world's largest
social network a market value close to Amazon's.
Facebook caused a considerable amount of comment yesterday
with its $US1 billion ($NZ1.2 billion) purchase in cash and
stock for Instagram, a photo-sharing application.
