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was SaltLife

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was SaltLife

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Thursday, 10/25/2012 12:51:14 PM

Thursday, October 25, 2012 12:51:14 PM

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12:29 PM ET 10/25/12










SAN FRANCISCO (MarketWatch) -- Shares of Facebook Inc. fell nearly 2% to $22.80 on Thursday morning on news that a large investor has cut its ownership stake in the social network. In a business update, the Russian Internet company Mail.ru Group reported that it reduced its stake in Facebook to 0.75% from the 1.34% held in its last update on Sept. 5. It was not clear when exactly the company made its sale; Facebook shares jumped nearly 20% on Wednesday following its third-quarter earnings report that showed improved traction with mobile advertising, putting the stock to its highest level in three months. Mail.ru also holds stakes in social media firms Zynga and Groupon that remained largely unchanged, based on Thursday's update

Never underestimate the power of very stupid people in large groups.

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