News

Downward trend of Facebook shares a downer for the state

Facebook shares hit a new low July 31 — $21.71, 43 percent below its initial public offering. This isn’t good new for the state, which hopes to bank a healthy chunk of tax receipts from stock sales the distribution of 240 million Restricted Stock Units to Facebook’s 3,000 employees as early as November. Lower share price, lower rake-off for the state. Both Gov. Jerry Brown’s Department of Finance and the Legislative Analyst predict a share price of between $35 and $45 in November when those RSUs, as they are known, get handed to employees.

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