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Facebook shares drop below $29

  • Facebook shares have dipped below $29 for the first time since their flotation.

    The shares were launched at $38 less than two weeks ago in one of the most highly anticipated listings, which valued the firm at $104 billion.

    Since then, the social network’s shares have lost almost a quarter of their value.

    Facebook shares closed down 9.6 percent to end the day’s trade at $28.82, just above its low of $28.78.

    The flotation was disrupted on its first day of trading because of technical glitches on the Nasdaq stock exchange.

    In addition, a group of investors has issued a class-action lawsuit alleging that Facebook revenues were revised down due to a rise in the number of people using mobile devices for apps and connection to websites.