Facebook's stock slid below its offering price in early trading Monday, following a lackluster day of trading when the stock debuted.
Facebook fell as low as $34.97 in the first few minutes of trading before rebounding a bit to hover around $35. That's around an 8% drop from Friday's $38.23 closing price.
Facebook was one of the most highly anticipated IPOs. But the stock failed to live up to its hype, barely breaching $42 at its peak, which was at the start of trading Friday. The stock spent most of the day floating between $40 and $42.
More than 80 million shares changed hands in the first 30 seconds of trading on Friday. Volume spiked to about 567 million shares by the end of the session, setting a new volume record for IPOs.
The social media site went public late Thursday, pricing its shares at $38 apiece. That price was set by a consortium of 33 underwriters, led by Morgan Stanley, along with JPMorgan Chase and Goldman Sachs. But after a late start Friday, the stock closed with a gain of just 23 cents.
Robert Greifeld, the chief executive of Nasdaq OMX, said he was "embarrassed" by the technical glitches that caused the stock's debut to be delayed, according to news reports.
Friday was a bad day for stocks all around, as anxiety over the European fiscal crisis helped drag down the Nasdaq by 1.2%, causing the tech-dominated exchange to slide 5.3% for the week. All three major U.S. indexes clocked their worst weekly losses of the year last week.
Other social media stocks also took a dive on Friday, including Groupon, LinkedIn and Zynga, which plunged more than 10%.
Shares of all three stocks remained under pressure during premarket trading Monday.
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