Facebook Chief Financial Officer David Ebersman is meeting
with investors in New York today, a person familiar with the matter said, days
before the lifting of a ban on stock sales by some of the company’s biggest shareholders,
Businessweek told us..
The person asked not to be identified because the meetings
are private. Through yesterday, Facebook had tumbled 45 percent since the
company sold shares at $38 in a May 17 initial public offering. The lockup on
the first block of shares held by insiders expires on Aug. 16.
Facebook, which hasn’t closed above the IPO price since its
first trading day, needs to reassure investors that it can increase revenue
from advertising as more of its almost 1 billion users access the
social-networking service on mobile phones, said Victor Anthony, an analyst at
Topeka Capital Markets in New York, in an interview.
“Investors who bought into the IPO have lost billions of
dollars,” Anthony said. “He needs to get out there and tell the story of how
he’ll drive revenue growth…..”
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