This Facebook IPO disaster is indirectly a disaster for start-ups in the valley wanting to IPO soon.
It was insanely overvalued. Its profts are falling. It is going out of fashion, Zuckerberg has 56 percent control but 20 percent of shares, they have privacy issues in Europe, mobile ad problems, poor record or NO record with acquisitions - instagram showing how good they were with that, multiple users with fake IDS (I have 8) and declining revenues.
And today we here the Facebook execs let Morgan Stanley know half way through the IPO day that profits had some proglems, and only a handful of institutional investors were told and Mom and Pop retail investors were not. That is fraudulent. They should have priced it at 5 dollars a share and they would be doing very nicely thank-you with a big war chest to do something useful with.
As it was Wall Street hyped this to insane proportions. INSANE. And now we all are to suffer the consequenes. Falling off a cliff is way worse than growing slowly. The Google boys did it right. Facebook is forever besmirched.