Facebook is set to become part of the Nasdaq-100 Index on Dec. 12, according to The Wall Street Journal. The social media giant will be replacing Indian technology consultant Infosys, which will be transferring to the New York Stock Exchange (NYSE).
This is good news for the Facebook as its stocks have not been looking good since holding its IPO back in May ’12 at $38 per share, which dropped by about 53% in August. It has since recovered slightly, currently trading at $27.46 per share, 29% below its initial price.
It seems Nasdaq was determined to list Facebook. Eight days after the social media giant decided to list on the Nasdaq Stock Market, the exchange operator shortened the time a company must be listed on a recognized market to become eligible for the Nasdaq-100 to three months, which used to be at least two years or if it was in the top 25 stocks in the index. The new listing on the Nasdaq-100 should inject some new life into Facebook’s stocks.