Facebook's stock has declined again, losing about $10 billion of its market value.
So what's the problem? Everyone seems to have a theory.
It's just "reality taking hold," according to Roger Cheng at CNET.com.
"So how did the most heavily hyped stock completely fall on its face? There are a lot of reasons: glitches with the Nasdaq system that slowed early orders, an IPO price that got a last-minute bump, and indications of lackluster demand from institutional investors. But the most important is the underlying concern and growing realization that Facebook just isn't worth $100 billion," he writes.
Forbes weighed in, with an important caveat:
"The Facebook IPO is only disappointing from a deal perspective – it is too early to pass judgment on whether it is a disappointment as an investment. Many great investments don’t have the most auspicious beginnings, while others might jump 50% on the first day of trading, only to flame out later," writes contributor David Maris. "In other words, don’t judge the stock on one day of trading."
Bloomberg took a look at the "blame game" being played: "Facebook’s 11 percent drop yesterday prompted investors to fault everything from Morgan Stanley’s role as lead underwriter, to the company’s greed and the Nasdaq Stock Market."'
So what's next for Facebook? Forbes' Tomio Geron hazards an educated guess.