Will Facebook’s stock dive hurt California’s economy?

Facebook shares continue to slide, down nearly 2 percent in trading today. That’s after the social media giant offered up its stock in an Initial Public Offering last month at an opening price of $38 a share.

Facebook is a California company, with a good number of employees and investors here who own a bunch of stock. And that, in turn, could pay dividends to the state in taxes. But given the company’s dismal market performance, and the state’s already challenged economy, can Facebook really help state coffers?

Paddy Hirsch is a Senior Producer and host of the Whiteboard series at the business show Marketplace, and he joined KCRW’s Steve Chiotakis to discuss Facebook’s stock dive.