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Wednesday April 23rd 2014

Facebook shares tumble again

SHARES of Facebook have taken another tumble, continuing a downward spiral that began at the start of the week.

The blame game has already begun with some pointing fingers at Nasdaq, where technical issues created confusion during the first day of trading, and others blaming the lead underwriter of the offering, Morgan Stanley, for failing to divulge last-minute changes to revenue projections.

After being priced at $38, the shares opened at $42.05 on Friday and fluctuated between $45 and $38 throughout the day, before closing up just 23 cents.

The California company’s shares began to tumble on Monday and closed down 11%.