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Thursday
Oct042012

Facebook hits 1 billion users as stock still in the doldrums

By Gadjo Cardenas Sevilla

Facebook just celebrated its 1 billionth user confirming its status as the premiere social networking destination on the Internet today. Facebook's CEO Mark Zuckerberg made the news known through a status update on his own Facebook page stating,"Celebrating a billion people is very special to me. It's a moment to honor the people we serve."

Despite the inevitable milestone, Facebook stock is still facing a lot of scrutiny since it began trading in the wake of unparalleled hype. Facebook began trading at $38 a share in May but has since plumetted, the stock currently trades at 21.83 a share. The company has served as an inspiration for various tech startups but its poor stock performance and diminishing value has also served as a cautionary tale. Facebook is currently focusing on the mobile market to get more users and raise its value.

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