According to Dan Lyons Facebook’s shares keep plummeting, falling to just over
half the high reached on the day of the IPO. For every other overhyped and
overvalued company in Silicon Valley, this is bad news.
Facebook shares continue to plunge from their IPO price.
They’ve now hit $27, which represents only 60 percent of the $45 high mark they
briefly struck on the first day of trading, two weeks ago. Facebook’s market
value now stands at $58 billion, which is barely more than the valuation that
Goldman Sachs and other investors paid in a private round in January 2011—and
is actually less than what a lot of private investors were paying for Facebook
shares in the secondary market in the months leading up to the IPO.
In other words, the victims of Facebook’s disastrous IPO
were not only the “mom and pop” retail investors who foolishly piled into the
stock on the day it opened. They’re also the supposedly “sophisticated”
investors who bought shares on private exchanges like Second Market over the
past year…
Read more at http://www.thedailybeast.com/articles/2012/06/01/facebook-stock-woes-hurt-market-s-view-of-other-new-tech-companies.html
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