Facebook IPO: Stock Falters, Still Raises $16 Billion

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Call it the most disappointing $16 billion raised in investment history.

Facebook stock is off to a rocky start after its highly anticipated initial public offering (IPO), jumping more than 10 percent in the first few minutes of trading before sellers swept into the market and that gain evaporated.

“The stock is trading right at the IPO price,” one expert told the L.A. Times. “They didn’t want that in a million years. A traditional IPO is up 10% or 15%.”

Zuckerberg Rings Bell

The stock most recently hovered at about $40, only $2 above what shares were priced at late Thursday. Shares touched $38 multiple times during trading.

Investors also had to deal with a nearly three-hour delay for the stock to open. The Nasdaq kept the stock halted as it processed a crush of buy and sell orders.

The inauspicious opening after the Facebook IPO suggests that retail investors paid close attention to reports of soft financials and big selling by insiders.

Still, Facebook raised $16 billion in what will go down as the third-largest public offering in U.S. history and the biggest ever for a technology company.

Could be worse, right? Facebook founder and CEO Mark Zuckerberg rang the Nasdaq opening bell from company headquarters in Menlo Park, Calif.

Eduardo Saverin, one of the company's co-founders, made news this week by giving up U.S. citizenship as a means of limiting his tax liability.

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Facebook is plagued by hackers. If FB lets anyone in who uses certain Govt. access codes via a supercomputer. Those codes link the users to computers that are programmed to disable a lot of the functions of FB. Look at Indymedia. 80% of the sites have been disabled or rendered useless via such a process. The way to increase the value of FB is to block all users who have such access codes, for in addition to disabling functions, they can also access any user's personal messages and more. Bobby Meade

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Congrtulations investors, you just paid money to poke people and get birthday reminders. Suckerberg wins!