'Freefalling' Facebook shares hit 'all time low' amidst resignations and fake accounts flap

Washington, Aug 3 (ANI): Facebook shares continued to sink, trading its stocks to almost half the price it debuted at in May, and marking the fifth straight day of the declining stock prices.

Top Facebook executives Katie Mitic and Ethan Beard, who quit the firm for 'other pursuits', would be the second and third top managers to leave the social network site since the May 17 IPO.

The exits came after Facebook's prospects seemed dim in the second quarter as sales and user expansion slowed.

According to ABC News, bad news continued for the firm as institutional investors including Fidelity claimed to dump their shares, while Facebook noted in a regulatory filing that more than 83 million accounts on its social site are duplicates or fakes, which made about 4.8 percent of its total accounts.

Facebook dropped as much as 4.7 percent to a record low, trading its shares at 20 dollars, 47 percent below their IPO price of 38 dollars, the report said.

Facebook's first tier of restrictions on insider share sales expires Aug. 16, when about 271 million shares will be available for trading, while another 243 million shares would become available for trading between mid-October and mid-November, it added. (ANI)