The initial share price of Facebook was______.

Shares in the social networking site Facebook fell to a new low today as some of the restrictions on selling stock were lifted after the initial public offer in May.(21)When the company floated, shares went on sale for $ 38 each. Today, the price dipped below $ 20, wiping $ 4bn of the company’s market value. Until now, the investors who’ve been with Facebook since the company’s early days have been prevented from selling their shares. This restriction is imposed to protect newly floated shares from extreme volatility if too many people sell at once. Often, when the ban is lifted, a company’s share price drops sharply.(22)However, some think many investors, who have seen the share price drop so much since May, may have hung onto their shares to avoid selling them at a loss.