Well, that didn't go as planned.
Last Friday, Facebook finally offered public shares for the first time and the financial world held its breath. Some analysts predicted a feeding frenzy while others warned the stock was overpriced.
At least for now, the naysayers appear to be right.
After Wall Street closed on Tuesday, Facebook shares had dropped more than 16 percent since the IPO last week. The New York Times reports that fingers are already being pointed at the social networking giant as the stock price continues to flop.
And now California's state government may be miffed about the stock's unimpressive debut.
Long before the stock launched, Gov. Jerry Brown estimated California would reap billions in tax revenue from Facebook's IPO. But as the shares continue to slide, uncertainty over Facebook stock is adding to budget woes in Sacramento.
Rosemont, what do you think? Was Facebook's IPO overblown and overhyped? Will the social network struggle in the aftermath of the weak IPO? Take the poll and let us know!
