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Wednesday, 12 September 2012 10:48

Mark Zuckerberg admits post IPO Facebook is rubbish

Written by Nick Farrell



Probably wishes he had not done it now

Facebook CEO Mark Zuckerberg, in his first public appearance since his company's disastrous IPO, has admitted that things have not been going as well as he would like.

Zuckerberg said that the disastrous stock market launch and the fall of the share price, damaged the company’s image. He said that the performance of the stock has obviously been disappointing. Talking about his programming skills he said that “everything I do breaks, but we fix it quickly”. Although he could have been talking about the company.

Talking to Tech Crunch Disrupt Zuckerburg said staff morale had not been helped by the falling share price. The hardest-hit by the dropping share price, which initially launched at $38-per-share in May and now stands at a miserable $19.48, are employees who are paid partially in stock and can't flog them. We are still predicting the outfit's share price will fall to about $13.

The way Zuckerberg has fixed this problem is give them more shares which is probably not the best idea. Zuckerberg still thinks going public was the right move and he thinks the company will build value over the long run.

Nick Farrell

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