Facebook stock continues to drop, company loses $35 billion in value

Facebook's value has fallen from an estimated $104 billion to $61.98 billion in the two weeks since the company went public.

In after-hours trading the company went down another 0.5 percent to $28.69, TechCrunch reported. 

According to TechCrunch, that new share price gives the company a market capitalization of $79.02 billion, down from $115 billion market cap Facebook opened at on the day of its IPO when it started trading at $42.05 a share.

Wall Street traders and analysts have expressed concern over how Facebook could continue to grow. The social networking site boasts it has 900 million members, however they have shown no plan to monetize their membership.

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Facebook has hinted at plans to release its own smartphone, however even this announcement did nothing to quell stock owners nerves. 

"They are clearly looking at smartphones and are trying to become more vertically integrated with their users. They just don't want to be another app on Google's or Apple's platform," Ryan Jacob, of the Jacob Internet Fund, told Reuters. 

Jacob added that speculation that Facebook is debating working outside their main expertise of web and possibly planning another large acquisition may be unsettling to some investors.

Jacob also told Reuters he did not buy stock in Facebook when it went public, nor does he have any plans of buying into the company now. 

The Wall Street Journal reported that Facebook's quick stock descent has sent other social media websites running scared. Russia’s most popular social network Vkontakte postponed the initial public offering of its shares indefinitely as a result of Facebook's market debut.

“The Facebook IPO damaged many private investors’ trust in social networks, and the [VKontakte] IPO has been postponed indefinitely,” Durov said on his Twitter account Tuesday.

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