Facebook stock closes above $50 for first time ever

The 'Like' sign outside Facebook's Menlo Park headquarters. (Matt Harnack/Facebook)

September 26, 2013 5:59:56 PM PDT
More than a year after its initial public offering, Facebook stock closed above $50 for the first time Thursday.

Facebook stock is now up 88 percent this year.

That's a stunning reversal from its IPO last year, when shares dropped more than 35 percent within a few months.

Investors who were willing to hold on are now reaping the benefits.

At the end of trading Thursday, Facebook shares closed at $50.39. That's up nearly a dollar from Wednesday.