Facebook’s stock price finally surpassed the $30 a share mark, after a tumultuous ride since its May IPO when it closed at $38. The company hasn’t hit the thirties since July.
The news is exciting for investors who watched Facebook’s stock plummet in the months following its highly-anticipated initial public offering. Facebook’s IPO was botched for a number of reasons, beginning with a technology glitch in the Nasdaq’s servers that delayed trading by nearly a half hour. Scandal further erupted after Citigroup fired a top analyst and was fined $2 million for leaking information about Facebook’s risks and other confidential research during the social networks’ quiet period. The stock continued to drop after big-name investors let go of shares.
The high today may be attributable to an invitation Facebook sent out to media yesterday afternoon. The event invitation says, “Come and see what we’re building,” and will be held on Tuesday, January 15 at the company’s Menlo Park headquarters. The industry is now stirring about what Facebook could be up to, as there have been no recent leaks or build-up that could nod to a specific product.
The company has recently been keen on showing its users and investors that it’s still an innovator. In order to compete with SnapChat, an app that lets you send photos and videos that will self-destruct in 10 seconds after viewing, Facebook quickly hacked together “Poke,” to prove it can still innovate on the fly.
VentureBeat will be reporting live from Facebook’s event. Check back for details on what the company releases.
Filed under: Social
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