'Overhyped' Facebook shares sink to 11% low

Over the first hour of trading, the Facebook shares have slumped to more than 10% below their float price, as shareholders scrambled to sell shares in what otherwise had been pitched as the greatest growth story of the decade. Over 10 billion dollars was wiped off Facebook's value on its first full day as a public company. The company's fortune dropped by more than 2 billion dollars to just under 17 billion dollars. The shares closed down at 11%, at 34.03 dollars.