After minutes of delay by Nasdaq in opening Facebook's shares due to technical glitches stemming from ridiculously huge amount of orders from retail investors, the first trade of Facebook stock price opens at $ 42 gaining more than 10% from its reference price of $38 with more than 70 million shares crossed before opening.
Facebook begun trading under the symbol “FB” on the Nasdaq at 11 am EST. Facebook IPO has garnered a great hype by millions around the world, with 900 million denizens in its social online community since growing from a Harvard dormitory project in 2004.
Facebook insiders have worked incredibly hard in the past few days and they are tasting the fruits of labour when they successfully boosted the price for the shares, and added to the number of shares being offered in the past few days.
A couple of thousand people gathered at the opening bell ceremony rung by Mark Zuckerberg officiating the first day of Facebook trading in Nasdaq.
Facebook employees were having a hackathon party last night seizing the rare opportunity to showcase their company's culture and lifestyle which is one of the most valuable factors for the company.
An estimated net proceeds from IPO of $6.4 billion will go to the company. The rest of the cash goes to existing shareholders and to cover listing costs.
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