Facebook shares drop below ipo price

Shares of the popular social network are trading near 30$ per share which is well below the IPO price meaning the market cap of Facebook has fallen from its 104$ billion debut to around 70 billion dollars. Legal wrangles over the IPO are still going on and nothing is resolved but it seems shares have not yet hit bottom yet for many analysts who value the company no-where near the IPO price with a valuation of $104 bln dollars.