Facebook isn't the first Internet giant to "break" its IPO price.
FORTUNE — In all the hubbub over Facebook (FB) shares falling below their $38 IPO price, venture capitalist Bill Gurley reminds us that such a “break” does not necessarily mean that the stock is a long-term dud. From a tweet late Friday:
Like Facebook, Amazon’s AMZN underwriters had raised the offering range prior to IPO, ultimately pricing at $18 per share. It then “broke” on its fourth day of trading, closing down at $17.12 per share. The following day was even worse, closing at $16.75 per share. In fact, Amazon shares closed below their offering price for 5 of its first 13 days of trading.
And, to Gurley’s point, it closed below the closing price on its first day of trading ($20.75) for two months.
But none of that doomed Amazon stock to a lifetime of mediocrity. As of last check, the company’s stock was trading at around $219. So take comfort Facebook fans, not all is (necessarily) lost…
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