NEW YORK (AP) - Facebook's stock fell to $19 for the first time on Friday, meaning it has lost half its market value since the company's initial public offering in May.
It hit that milestone on Friday, a day after the expiration of a lock-up period. The lock-up's end has provided some early investors and insiders with an opportunity to sell shares.
The stock closed Friday at $19.05. Earlier in the day it had fallen 87 cents, or 4%, to an even $19.
Investors have been concerned about Facebook's ability to increase revenue and make money from its growing mobile audience. Many analysts, however, hold positive opinions of the company's long-term prospects.
The stock closed on its first day barely above its initial public offering price of $38. It has been below that level ever since.