It took almost 18 months, but Facebook shares reached an all-time high of $45.09 Wednesday, but some investors are still unhappy that the social network's initial public offering didn't live up to its hype.
The shares rose to $45.09 Wednesday afternoon, higher than the previous record set on May 18, 2012 in the first few hours of Facebook trading, according to the Wall Street Journal. Facebook's initial public offering was priced at $38, but spent the majority of its history selling considerably less than that.
Part of the reason for the high price is because of positive reports of earnings and increased mobile ad sales. However, critics are still upset that the Facebook stock didn't live up to the hype surrounding its IPO. After falling below $38 in May 2012, it didn't reach $38 again until August 2013.
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At TechCrunch Disrupt, Facebook founder Mark Zuckerberg advised Twitter
, which is working on its IPO, to not be "afraid of going public," according to AllThingsD.
“Having gone through a terrible first year, it made our company a lot stronger,” Zuckerberg said,but apparently he realized that his advice on may not be helpful. “I’m kind of the person you would want to ask last on how to make a smooth IPO."