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Facebook shares fall to record low

Technology

London - Shares in Facebook dropped below $30 (about R250 ) on Tuesday night as the stock slid to a new low.

Since floating at $38 two weeks ago, the company has been beset by woes including a delayed start to trading, analyst downgrades and a string of lawsuits.

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Facebook is the preferred network, used by 71 percent of online adults, or 57 percent of all American adults, according to Pew researchers.

But the stock, which some analysts have said could plunge to as low as $6, on Tuesday fell below $30 for the first time.

A 7pc dip in the share price, taking it to $29.40, saw the value of the company diminish yet again.

Facebook has shed more than $20bn since its listing valued it at $104bn. At Tuesday night’s closing price it was worth $81.1bn. - Daily Mail

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