The 17 percent slide in the shares took Facebook's market capitalization to $48 billion -- half its IPO launch value of $100 billion in May. The latest slide cost CEO Mark Zuckerberg, the 28-year-old who founded Facebook in his Harvard dorm room, around $2.3 billion, based on his shareholding.
The social network just beat revenue expectations on Thursday in its first quarterly earnings but the company failed to reassure investors about its future prospects.
"Facebook has established itself as an Internet utility but it might take a while for Facebook to gain Wall Street love," Citi Investment Research analysts said in a note.
Investors worried about how the social network would make money from mobile advertising had hoped that the company would signal that revenue growth was picking up.
The shares have shed around 40 percent of their value since the company's ill-starred debut at $38 on May 18.
They fell to a record low $22.28 in morning trading on Friday before recovering a little to $23.03. It was far and away the most heavily traded stock, with 52 million changing hands.
Source: Reuters
