Shares in Facebook tumbled to a new low overnight as one of the worst ever IPOs continued unabated.
The social media giant, which boasts almost a billion users, closed down 9.6% at $28.84, well below the IPO price of $38.
It has shed over a quarter of its value since listing earlier this month, following a troubled first day which saw trading in the shares delayed after an error on the Nasdaq exchange.
Yesterday shares fell amid the start of trading in Facebook options.
According to reports, the stock options were among the most heavily traded in the US market.
Most of the trading was done in options contracts which expected Facebook to fall further, although not all were priced to the downside.
Bets ranged from the stock reaching as high as $60, to as low as $19 a share, the FT reports.
Facebook has been hit by a number of major problems, the key one being how does it turn its user base into a growing revenue stream.
Partner Insight: Continuing the Architas education series for clients.
What made financial headlines over the weekend?
290,000 already affected
Putting the tech into protection
Square Mile’s series of informal interviews