With Facebook now officially trading publicly on the NASDAQ exchange, it is only fitting that social media is being leveraged to try and predict the IPO's closing price.

That is the experiment currently taking place at facebookipodayclosingprice.com.

Inspired by a tweet from tech venture investor Chris Sacca and then cobbled together by programmer James Proud, the site set out to crowd source pundit estimates on Twitter to predict the Facebook IPO's closing price.

Crowd sourcing markets

So how has the prediction experiment fared? The Facebook IPO launched at $38 per share, valuing the company at a $104 billion.

More than 2,200 predictions in the site projected high hopes for Facebook and estimated the closing share price to reach $54 for the day.

That would bring the company's value up to a staggering figure - a little more than $135.7 billion.

The pundits may have been over-ambitious with their expectations. While the market is still open for several hours, Facebook's share price has been hovering around $41 for most of the afternoon and has yet to break the $45 per share barrier.

Of course, that is still a ludicrously high figure, raising over $16 billion for Mark Zuckerberg's company.