The recently-listed shares of social media company Facebook, whose Initial Public Offering  and listing on the Nasdaq had been eagerly awaited all over the world, fell from the opening price of USD 42 on Friday (May 18 ) to USD 34 on Monday (May 21 ). This is below the share price of USD 38 in the Initial Public Offering (IPO) last week.

The company raised USD 16 billion through the IPO. Commentators said that the company and its underwriters pushed the price too high, amid concerns about Facebook's growth and its advertising revenues. Nasdaq also had some technical glitches at Facebook's listing last week, which may force the stock market to change its systems soon.

The USD 100 billion plus company value after the IPO is 100 times the company’s earnings to date and advertising revenue has slowed recently as accessing the site via smartphones does not allow space for advertising. General Motors has also just announced it is stopping adverts with Facebook.

Founded eight years ago in a Harvard University dorm by Mark Zuckerberg, Facebook has become the world’s number one social network with over 900 million users worldwide.

editor@romania-insider.com