Facebook stock almost hits debut IPO price
Facebook’s stock on Tuesday came within a hair of reclaiming its $38 debut price for the first time since going public in 2012, a milestone in the social networking company’s effort to wipe away Wall Street’s scepticism of its business.
Shares of Facebook climbed as much as 7% to $37.96 in heavy trading on Tuesday, before settling back to finish the regular session at $37.63.
The stock has surged more than 40% in the past week after the company reported blowout quarterly results.
The social network, with 1.15 billion users, has never traded at or above $38 since its IPO in May 2012.