Facebook’s Botched IPO, May 18, 2012
In terms of the money involved and the level of cultural significance that the social network carries globally, Facebook’s $16 billion IPO was one of the biggest technology-related market debuts of all time. But a series of technical failures by Nasdaq left scores of investors wondering whether their trades went through, creating confusion that soon snowballed into a full-blown disaster from which the social networking giant’s stock has yet to recover. As of this writing, Facebook shares were worth nearly 50 percent less than they were after going public at $38 each. Meanwhile, UBS filed a lawsuit against Nasdaq, claiming the exchange operator’s role in the IPO led to a $356 million loss for the firm.
[Facebook's IPO Fail: What Went Wrong on the Nasdaq ]
As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio