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Facebook began trading shares on the Nasdaq stock exchange this morning, opening at just over $42, instantly up 10% on the initial offer price, before dropping back to just over $40.With the initial offer price of $38, Facebook's shares were already set at the high end of a range the company set earlier in the week and values the company at $104bn.
The price makes Facebook more valuable than Amazon, which also trades on the Nasdaq.
Early trading was delayed until 11.30amn by the volume of shares being bought and sold. More than 82m shares were traded in the first 30 seconds.
The first trades were made two hours after Mark Zuckerberg remotely rang the opening bell for the New York-based stock exchange from outside his California headquarters as staff cheered him on.
The underwriters of the Facebook deal will buy up to 26 mln shares to support the stock at its offering price.
Just to put that into perspective, the offering was for 421 million shares and the turnover today is already at 254 million.
The IPO is relatively a success already.
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