Facebook shares have fallen sharply on a second day of trading, leading to questions about the valuation of its IPO and the handling of the sale by its bankers.
By Eli Lederman
Let's not make a drama out of a crisis. And, hey, what's a few billion between friends ?
Mark Zuckerberg's fortune dwindled by nearly $2bn (£1.3bn) to $18.7bn within minutes on Monday as trading began again in Facebook shares – which promptly plunged by nearly $5, or more than 10%, from their Friday closing price of $38.23.
By William Cohan
The Wall Street Journal reported Friday that it could reach $5bn, but others think that that's a conservative estimate.
The plot thickens.
The Upper Tribunal has directed the Financial Services Authority (FSA) to fine ex-UBS professionals Sachin Karpe £1.25m and Laila Karan £75,000 and ban them both from performing any role in regulated financial services for failing to act with integrity and for not being fit and proper persons.
The fallout from the Raj Rajaratnam case continues.
Here's the latest Citi, MF Global, Morgan Stanley and UBS news.