Facebook has found redemption in the form of a soaring stock price.
On Wednesday, the share price of the world’s most populous social network —and human data repository— briefly crept past $38 for the first time since its rocky public debut last May. In doing so, Facebook cleared a symbolic hurdle that has eluded the company for more than a year.
Facebook’s ill-fated first trading day on May 18, 2012 was marred by technological glitches on the Nasdaq stock market. The stock closed with a disappointing 23-cent gain. And its performance didn’t improve, hitting a low of $17.55 last September.
“I think Facebook in general and Zuckerberg in particular felt that they let everybody down,” said Wedbush analyst Michael Pachter of Facebook Inc.’s 29-year-old founder and CEO, Mark Zuckerberg. “And by everybody I mean all their employees who had stock, all their early private investors who had stock.”