Hoo boy, anything tech-related that happened over this past week was dwarfed into oblivion by Facebook’s IPO.
Many of us were expecting a glorious event with massive profits for early shareholders, but the day’s events ended in disappointment.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":457705,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"media,","session":"C"}']The stock closed at just over $38 — exactly Facebook’s original offering price. In fact, NASDAQ revealed that the deal’s underwriters had to make supporting bids to keep the price from dipping below the $38 mark.
Also, unexpectedly low figures for Facebook’s share price led to a price slump for other tech stocks, as well. Zynga had a NASDAQ-mandated halt in trading not once but twice during the day when it fell by more than 10 percent.
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“Ouch” doesn’t begin to cover it.
Still, there’s hope. We’re just at the beginning, and the mainstream market’s lack of faith in Facebook doesn’t necessarily mean that we’re heading for another dotcom-esque bust. My mom said so.
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