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Facebook's stock closed down 9.6% at $28.84. Since Facebook's stock debuted on the Nasdaq on May 18 with underwriters selling shares at $38, it has dropped 24.1%.
Facebook's two billionaire cofounders, however, aren't the only ones feeling the hurt. Facebook's rough first weeks as a public company are being felt worldwide.
Today, Russian social networking company VKontakte said it would be delaying its initial public offering indefinitely citing Facebook's poor opening and the subsequent souring of investor interest in Web 2.0 companies.
Source: Forbes | Ryan Mac