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, 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, 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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