Ezra Gottheil, an analyst with Technology Business Research, said people may be jumping the gun. He contends that Facebook's stock price is hovering around where it started this morning because it was priced appropriately.

"I can say that if your IPO doesn't go up or down very much, then you priced it right," he added. "At this point, it's all about perception and expectation. The stock price is just a noise meter."

Regardless of the ups and downs the stock is going through today, there's been a huge amount of interest and excitement around the event.

As trading began, people were standing around Times Square in New York City, staring up at giant screens showing Facebook's stock numbers. At the same time, Twitter momentarily staggered under the crush of tweets about the IPO.

As noteworthy as this day has been for many in the financial and tech industry, it's been a tough day for other social networking companies.