Facebook shares plunge to half of their flotation price

London, Aug 18 (ANI): Shares of social media giant Facebook plunged to a record low of 19 dollars, falling to almost half of the 38 dollar flotation price during its IPO in May.

The stocks fell drastically a day after the expiration of a lock-up period, which has allowed some early investors and insiders to sell their shares.

According to the New York Post, investors have been concerned about Facebook's ability to increase revenue and make money from its growing mobile audience.

However, many analysts hold positive opinions of the company's long-term prospects, the paper said.

Facebook co-founder Mark Zuckerberg 's own personal fortune has also been slashed to about 10 billion dollars, down from estimates of almost 20 billion dollars in May.

The stock closed on its first day barely above its initial public offering price of 38 dollars and has been below that level since, the paper added. (ANI)