Facebook IPO Jumps at Open
NEW YORK (TheStreet) -- It's finally here. Facebook(FB) has finally gone public, with the first trade at $42.05 per share, but the debut has not been as strong as some had expected.
The stock jumped up to $45 right away then ran down to their pricing level of $38 but never went negative. At last check, the shares were changing hands at $40.88, rising 7.6%. Volume is massive with CNBC reporting that more than 80 million shares changed hands in the first 30 seconds of action. Over 280 million shares have traded so far today.
There has been much hype surrounding the IPO, despite worries about insiders cashing out.
Facebook filed an eighth version of its S-1 on Wednesday, increasing the number of Class A common stock from just over 337 million shares to 421.2 million shares. Shareholders such as Goldman Sachs(GS) , venture capital firms Accel Partners, DST, Greylock Partners and others significantly raised the amount of shares they are selling.
Interested in more on Facebook? See TheStreet Ratings' report card for this stock.
--Written by Chris Ciaccia in New York
>Contact by Email.