Facebook IPO Not Meeting Expectations, but Among Highest Ever

(Ping! Zine) – Today Facebook’s long awaited IPO remains at the top of tech headlines. In fact, it could be one of Wall Street’s largest initial public offerings ever. So exactly how are the statistics stacking up?

According to a recent report from Nasdaq.com, within just the first three minutes of the IPO launch, stock in the top social network experienced trades accounting for 100 million shares. And that’s not all. By the first three hours, the trading of 375 million shares had occurred.

Despite high trading, the IPO debut has fallen short of expectations, not necessarily signaling too positive of a sign for the market. In a news broadcast, financial network CNBC referred to the IPO debut as “less than stellar.”

Stock for the social site jumped to $43 dollars this morning but eventually fell to below $39, according to CBS. In 2010, General Motors’ IPO accounted for 15.8 billion raised thanks to trading.

Update at Closing Bell (4:00 EST):
At the closing bell, Facebook has closed at $39.21 per share, which is just above the company’s IPO of $38.00.