Wednesday, 23 May 2012
Facebook. Shares Fall, Nasdaq suffers, Wall Street Shamed and now a major investigation. It doesn't get any worse.
In what was to be the greatest IPO ever, nevermind for a tech company, the Facebook IPO has really become a loser and beginning to be despised.
With the price falling to new levels today (-18%) and the only people who made money are the early investors (Facebook people themselves) it's a disaster.
Add to that, the intervention by the Brokers to prop up the price at 38 usd meant they're left with shares that are now in starting into freefall. Nobody wants these shares and already it looks likely to have cost Morgan Stanley 2 billion usd+.
Add to that the 30 minute Nasdaq delay which has now resulted in a series of class action suits.