Okta, the $6 billion tech firm acquired by Facebook in a $2 billion deal earlier this year, has dropped to a low of $1 at 5:00 p.m.
EDT (1900 GMT).
The stock closed at $1,188.90 on Friday, its lowest since February 8, 2019, the stock’s closing price.
The stock is down more than 3 percent from its peak of $4,200 per share on Aug. 19, 2021.
The stock price of Okta shares rose as high as $1 per share in August, the company’s third-biggest IPO ever.
Facebook has said that Okta’s stock price will likely decline to $2, and it’s unclear whether the stock price is set to recover or fall further.
Okta stocks have fallen as high by more than 50 percent in the past two years, according to FactSet.
Okta shares have fallen by more the same amount as Facebook’s stock.
Facebook’s share price has fallen more than 80 percent since its July 2018 IPO.