The State of California had been banking on the 114 billion dollar Facebook Initial Public Offering to fix some of it's economic troubles. Let's hope they have another plan in place as the IPO price was priced at $38 per share and opened on the Nasdaq near $42. The hype was so big over night that Bloomberg reported pre-orders had reached as high as $70 per share in Frankfurt. Upon today's trading there was an initial spike, but retreated and has been trending near $41. The highly anticipated open has pulled the entire social media space down in day's trading. Click here if you would like to follow ticker FB in the day's trading action.