Facebook stock closes above $50 for first time ever
MENLO PARK, Calif. (KGO) -- More than a year after its initial public offering, Facebook stock closed above $50 for the first time Thursday.
Facebook stock is now up 88 percent this year.
That's a stunning reversal from its IPO last year, when shares dropped more than 35 percent within a few months.
Investors who were willing to hold on are now reaping the benefits.
At the end of trading Thursday, Facebook shares closed at $50.39. That's up nearly a dollar from Wednesday.
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