Trading in stock options for Facebook began yesterday, but instead of being a positive move for the social network it created a very negative moment in Facebook's timeline because the share price continued its downward spiral from last week and the price slipped below $30, to a low of $28.84. This means nearly one third of the company's value has vanished. Investors are, according to the Wall Street Journal [3], betting that Facebook's price has further to fall amid uncertainty about the hype surrounding the IPO and the company's prospects for converting its user's social activity--particularly in the mobile domain--into cash. Meanwhile stories suggesting the company is investing in making a more Facebook-centric smartphone [4], recruiting ex-Apple staff to help, support a more complex interpretation of the company's future. Facebook has declined to comment.

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