we told the greedy bastards that $28 was plenty for the top range. And the initial number of shares would have made this more dear.
Facebook shares fell 11% on Monday, after Morgan Stanley and other Wall Street banks ceased to prop up the social network’s stock at Friday’s $38 offering price. Although the IPO was a big success for Facebook and its early investors and insiders — who sold $9 billion worth of shares that they had acquired at lower prices — the offering was a disappointment for many investors who clambered to get a piece of the most hyped IPO in nearly a decade. The IPO also revealed significant problems at Nasdaq, turning what should have been a triumphant offering into an embarrassing debacle. Here are four takeaways from Facebook’s rocky public debut.
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