More investors get Winklevossed
Facebook shares slid to $28.8 on Tuesday, hitting a new low. In just seven days of trading the social notworking giant lost $25 billion in value. Not a good start by any standard.
The stock seemed to stabilize in the $31 to $33 range late last week, amidst a lot of bad press and controversies regarding Facebook’s and Nasdaq’s handling of the IPO, not to mention some shady dealings on the part of underwriters, i.e. Morgan Stanley.
However, this is hardly a surprising turn of events. Many analysts and tech writers issued repeated warnings ahead of the IPO, but hype eventually got the better of many small investors and even some major media outlets willing to drink the Morgan Stanly kool-aid. Yes, we are looking at you MSNBC.
Wall Street clearly needs to start doing more math and less coke. [Math or meth? Ed]
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Peter Scott
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