Uberdownloads Blog
Facebook Shares Jump to $42.50

Despite the half-hour delay in trading, Facebook’s IPO kicked trading off with a bang Friday morning.

Facebook announcd it share price at $38 yesterday afternoon, and in early trading the social network’s stock has jumped 12% to $42.50.

Facebook share have even hit a high of $43.20. Faithful users of another social media giant, Twitter, predict that Facebook will close the trading day at $54 a share.

With the $38 per share opening, Facebook was able to raise a whopping $16 billion—also making it the largest Internet IPO of all time. Facebook has sold 421.2 million shares, putting it’s valuation at $104.1 billion.

Trading in social media industry seemed to come to a grinding halt with the introduction of Facebook to the market.

Zynga, the social gaming company that enjoys a healthy symbiotic relationship with Facebook, saw it’s stock fall 13%, or $1.10 a share, bringing it to an all-time low of $7.17 a share.

LinkedIn is also down 2.2% and Groupon has fallen nearly 6% as well.

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