Facebook Stock crashes below $20 -California

Facebook investors and employees aren't the only ones carefully watching the company's stock price deflate.

California, which was hoping to net up to $2 billion for its cash-strapped budget from Facebook's IPO, acknowledged this week that the company's stock price has "fallen far below" the $35 level assumed in the state's revenue projections.

Facebook (FB) dipped below $20 for the first time on Thursday, a far cry from its $38 initial public offering price.