FACEBOOK HITS $45 IN EARLY TRADE – over 100m shares traded already

And so the restaurants, car dealers, real estate brokers and jewellers in and around Silicon Valley will be likely be doing brisk business this weekend and the equivalent to hundreds of multi million lottery wins are created with todays Facebook IPO. At its peak in early trade the shares hit $45 valuing the social media company at over $100bn and raising ever louder questions as to whether there is a 2nd bubble in selected areas of the tech market – some 12 years after the first bubble.

Intraday chart. 

Update – and so to end a shocker of a week for many – Facebook trades down to the issue price of $38 where there seems to be an iron floor (who said manipulation doesn’t occur?)

I guess the vast majority of our readers will be pleased to see the end of this week – here’s to a more cheery one next week!