Facebook (FB) Remains in the Slaughterhouse, Valuation Sinks $24 Billion

May 29, 2012 12:18 PM EDT
Facebook's (Nasdaq: FB) valuation continues to get adjusted lower - at what seems to be light speed.

After pricing its IPO at $38 and opening at $42.05, it has been almost straight downhill since. Shares just broke below the $30 level and it now looks like it wants to test the $28 level, which interestingly is the low-end of the original range the underwriters were expecting.

The social media juggernaut's valuation, which started at $104 billion, is now at about $80 billion.

Investors are expecting the company to earning $0.55 per share this year, which would put the forward P/E at about 54x.

Shares of FB last traded at $29.42, down 7.8 percent on the session.

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