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Further to my Facebook shares slump post last night, Facebook has opened today some 15% down which means they are now valued at slightly less than $50b for the first time. Of course, that was the value I suggested they might be 'worth' in my The $100b Facebook question post six months back.
The problem is that there still seems to be much negative stuff hanging over them - not least the shares locked up as part of the IPO process. This really is turning into the worst IPO of the last ten years - certainly by size of valuation reduction post IPO.
How low can they go?
