Facebook Stock Drops Below $30

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Facebook's highly anticipated stock has fallen below $30 for the first time since its public debut on May 18.

Shares closed Tuesday at $28.84, down 9.6 percent and a whopping $24 percent since its debut. Earlier Tuesday, it hit a low of $28.65.
Facebook made its market debut with stock priced at $38, raising $16 billion initially, placing its value at $104 billion. It's now valued at about $80 billion.
Facebook and the investment banks that led the IPO are now facing at least two shareholder lawsuits.

The plaintiffs claim that analysts at the underwriting investment banks cut their second-quarter and full-year lawsuits just before the IPO, sharing the information with only a handful of investors.
Still, some on Wall Street still believe the stock will recover in the longer term.

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