So much for Facebook’s big stock comeback.
Facebook stock fell back down below $20 a share in early trading on Wednesday for the first time in two weeks. The stock dropped to as low as $19.80 before fighting its way back slightly above the $20 line.
The company’s stock has been on the decline throughout this week following a particularly damaging report in Barron’s claiming that Facebook’s stock is still significantly overvalued and should be priced around $15 a share.
Since then, the company has received more bad news, including a report from IDC, which found that the majority of developers surveyed believe a mobile-first startup would be “likely to very likely” to take away market share from Facebook.
Facebook stock hit an all-time low of $17.55 a share in the beginning of this month before rising back up to more than $23, thanks largely to CEO Mark Zuckerberg’s decision not to sell any shares and his first post-IPO interview with TechCrunch, during which he assured investors that he and the company take mobile seriously.
Based on the current share price, Zuckerberg’s net worth has dropped to about $10.1 billion, down from a peak of $19.1 billion when the company went public at $38 a share.
Image courtesy of Flickr, Andrew Feinberg