Updated from 11:41 a.m. EST to provide more analysis from the IPO.NEW YORK ( TheStreet) -- It's finally here. Facebook ( FB) has finally gone public, with the first trade at $42.05 per share, but the debut has not been as strong as some had expected. The stock jumped up to $45 right away then ran down to their pricing level of $38 but never went negative. At last check, the shares were changing hands at $40.88, rising 7.6%. Volume is massive with CNBC reporting that more than 80 million shares changed hands in the first 30 seconds of action. Over 280 million shares have traded so far today. After Thursday's close, Facebook priced its IPO at $38 per share, raising more than $16 billion in the largest tech offering in U.S. history. It's right behind Visa ( V) as the largest IPO in history.