Facebook went public at $38 per share. The IPO sold about 1/6 of the company to the public, raising $16 billion; it was the third largest IPO in U.S. history. Zuckerberg retains a 22% ownership share in Facebook and will own 57% of the voting shares.
Facebook did brilliantly, selling a fraction of the company for much more than it was apparently worth (given that the shares are trading for less than the IPO price).
“They picked a bad banker and an awful exchange,” Barry Ritholtz said. Ritholtz is a widely followed financial blogger and the chief market strategist at Fusion IQ.
I’m guessing that Ritholtz is mad that he lost money. Ahhh, Bite Me.
via Facebook drops again as pressure to perform mounts – chicagotribune.com.