‘Facebook’s IPO Was Not a Failure: Barry Diller

The Facebook initial public offering was not the failure it’s been made out to be, Barry Diller, chairman of IAC/Interactive told CNBC’s “Squawk Box” on Tuesday. Diller said it made sense for Facebook to get as high a price for the stock as possible.

“If you're going to sell stock and somebody wants to buy it at a price and that price is not a price you dictate, but demand dictates, sell it to them now,” he said of Facebook’s $38 offering price.

Diller said that most of the investors who bought at the IPO were probably speculating and not in the stock for the long-term. “In which case, they deserve whatever they get, good or bad,” he said. Facebook now needs to focus on future growth, Diller said, adding that Mark Zuckerberg is only running the company for the long-term...

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