Facebook shares fell more than 13 percent, falling below its $38 price of its initial public offering, in the social network’s second day of trading as a public company.

Despite media hype and early projections for the initial public offering of Facebook stock, the IPO was a complete and total failure.

Meanwhile, the NASDAQ exchange continued to defend itself regarding the IPO’s delay on Friday.

The company’s shares [FB  33.9299    -4.3019 (-11.25%)   ] last traded down more than 13 percent. The stock had previously closed 0.6 percent higher on Friday.

Investors and technology industry watchers are closely tracking the Menlo Park, Calif., company’s shares. The world’s largest social network was one of the most anticipated initial public stock offerings ever, and now serves as a bellwether for other social media companies.

Facebook’s market debut Friday suffered some hiccups, with trading on the Nasdaq delayed for a half hour and issues with traders’ orders. The stock closed Friday just 23 cents above where it priced Thursday night, when many investors had hoped for a big first-day pop. source – CNBC