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Facebook stock slumps for third day

Sharon Gaudin | May 23, 2012
In its third day of trading, Facebook's stock is still in a slump, taking the shine off the frenzy that led up to the company's initial public offering (IPO) last week.

"All these people are complaining because there wasn't a big price pop on the first days of trading, but a big price pop means that the company selling the stock left money on the table," said Olds. "Facebook didn't directly sell the stock to investors. They sold it to the investment banks, who bought the whole lot of it and then they sold it to the market. So the investment banks are the ones taking it on this one."



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