The brand new stock in Facebook is down 11 percent right now to $33.11. If day one of trading was seen as a disappointment, day two is so far not winning many new friends at the social networking company.
Facebook's first investors didn't lose their shirts. The company's stock is trading right where it started on Friday: 38 bucks a share. But the initial public offering didn't go exactly as planned. The start was delayed; computer systems locked up; and NASDAQ executives are promising to fix the problems.
After opening later than expected, the first few hours of the Facebook IPO are suggesting that the company might have misjudged the value of its shares.
Conspicuous consumption is so last tech boom. The new rich are all about meaning and making a difference and getting in on the ground floor of the next Facebook.
Facebook finally goes public today in the biggest IPO in Silicon Valley history. The market valuation will surpass $100 billion; that's more than well-established companies like Disney and Kraft.
Just days before Facebook stock trades publicly for the first time, General Motors is giving no official reason for the decision but published reports suggest the ads aren't having the impact GM hoped.
California Gov. Jerry Brown recently informed Californians that the state was $16 billion in the hole, instead of the mere $9 billion everyone expected. The Facebook IPO will generate a lot of taxable income for a few thousand Californians.
