The second biggest domestic IPO in history, Facebook predictably caused a fair amount of chaos on its first day listed on the Nasdaq stock exchange last Friday.
Trading was due to start at 11 a.m., but Facebook’s underwriter Morgan Stanley asked for a delay at the very last minute. Then, less than 15 minutes into trading, Nasdaq issued its own delay as trade confirmations failed to come through--they weren't delivered until three hours later--and opening prices were wrongly listed as high as $42 and as low as $20, not at the stated $38 offer price.
In total, over 571 million Facebook shares were traded over the course of the day, the highest volume the electronic stock exchange had ever handled. Due to the number of technical difficulties, Facebook’s stock closed at just $38.23.