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Facebook stock slips first time below $30 since IPO

Facebook stock traded below $30 for the first time since it went public less than two weeks ago.

The stock fell $3.07 US or 10 per cent to close at $28.84 on the Nasdaq on Tuesday.

Facebook Inc. began trading publicly on May 18 with an opening price of $38 a share and was the third largest IPO in U.S. history.

The IPO raised $16 billion for the company and some of its early investors, including CEO and founder Mark Zuckerberg.

At the time of the IPO the company was valued at $104 billion and it is now worth about $79 billion.