As a public service, and for the historical record, we gave our crack financial team the task of ferreting out what, exactly, happened.
Here are eight things they discovered that went wrong with the Facebook IPO…
- Mark Zuckerberg updating his status to “well…that didn’t go very well” an hour after launch provides impetus for short selling
- Facebook COO Sheryl Sanderberg’s defriending of Morgan Stanley and Nasdaq immediately after first trade results in a mini-panic
- Zuckerberg ringing the Nasdaq bell in his bathing suit gives institutional investors pause
- Virtual shares sold on Farmville dilutes the offering
- “Strong Buy” rating from Bernie Madoff sends smart money to the sidelines
- Facebook referring all questions about improper disclosures to Andy Samberg rubs the media the wrong way
- Zuckerberg’s drunken “I am the mayor of Crapville” update interpreted negatively by analysts
- Sole warning of “potentially increased competition from Friendster” considered not enough of a risk assessment by SEC
- Mid-day changing of Facebook’s ticker symbol from “FB” to “FU” — not a good sign for anyone
Happy Memorial Day weekend, everyone!