New York – Facebook stock is rising more than10 percent in the world’s biggest online social network’s debut as a publicly traded company.
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The stock rose to $42.05 on the Nasdaq Stock market on Friday morning. CEO Mark Zuckerberg rang the opening bell from Facebook’s headquarters in Menlo Park, Calif. Surrounded by cheering Facebook employees and wearing his signature hoodie, the 28-year-old pushed the button that signals the opening of the stock market in New York.
On Thursday, Facebook and the investment bankers arranging the IPO settled on a price of $38 per share. The company and its early investors raised $16 billion in the offering, which valued Facebook at $104 billion. That makes Facebook the most valuable U.S. company to ever go public.
…and then dropped back to within $1 of the I.P.O. within a few minutes.
What an overpriced piece of junk. $200 million in earnings in the last quarter and a market cap of over $100 billion. I give it to Wall Street for continually churning out garbage and finding some unsuspecting sucker to buy it up.
OK, Someone needs to be mekarev this fella, pronto! It will solve the tuition crisis, and so much more!
🙂
It magically bounced off the $38 level. That’s because the underwriters had to save face, so they had limit orders at $38. I predict it will drop below $38 on Monday or Tuesday. As regards being mekarev Zuckerberg, good luck. He married his Chinese girlfriend this Shabbos.