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Facebook takes a bath
Original post made
on Jul 26, 2012
Facebook shares are down almost 20% this afternoon after both they and partner Zygna reported disappointing quarterly financial reports. Price crashed down through the $24 price point, which is a 1/3 plunge since their recent IPO. Maybe the College Terrace people were smart to kick Facebook out of Palo Alto. Think about how home prices in that neighborhood would be affected if Facebook goes bust and all those employee-owned homes get foreclosed.
If you have a home for sale right now, better cut your price and hope for the best. All those FB millionaires have lost 1/3 of their net worth in the last few weeks and may not be so free spending in the near future.