Facebook's stock slid below its offering price in morning trading on Monday, following a lackluster debut day. Facebook (FB) fell as low as $33 in the first half-hour of trade, but it was holding around $33.90 at 11:15 a.m. ET. That's a more than 11% drop from Friday's $38.23 closing price.
Though Facebook was one of the most highly anticipated initial public offerings in recent memory, the stock closed with a gain of just 23 cents on Friday after trading was delayed.
Shares barely breached $42 at their peak on Friday which came at the start of trading -- and spent most of the day floating between $40 and $42 each.
More than 80 million shares changed hands in the first 30 seconds of trading on Friday. Volume spiked to about 567 million shares by the end of the session, setting a new volume record for IPOs.
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That intense volume level continued on Monday, reaching 100 million shares in less than two hours of trade.
The social media site set its final IPO price late Thursday, pricing its shares at $38 apiece. That price was set by a consortium of 33 underwriters led by Morgan Stanley (MS, Fortune 500), along with JPMorgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500).
Robert Greifeld, the chief executive of Nasdaq OMX, said he was "embarrassed" by the technical glitches that caused the stock's debut to be delayed, according to news reports.
The glitch reportedly kept some traders from knowing for more than two hours whether their orders had been completed or canceled, leading some pundits to wonder whether the delay eroded Facebook's debut.
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Friday was a bad day for stocks all around, as anxiety over the European fiscal crisis helped drag down all three major U.S. indexes -- which all clocked their worst weekly losses of the year.
Other social media stocks also took a dive on Friday, including Groupon (GRPN), LinkedIn (LNKD) and Zynga (ZNGA), which plunged more than 10%.
Groupon recovered some of those losses Monday, gaining about 3.5%. But LinkedIn and Zynga remained lower.
Source CNN Money