Feeds

Wall St 'Likes' Facebook again: Shares edge up to pre-IPOcalypse price

Show me the money ... bitch

The essential guide to IT transformation

It's been 14 months since Facebook debuted on Wall Street and the company has finally rebounded to its initial public offering share price of $38.

On Tuesday, the free content ad network's stock rose 7 per cent to $37.96 - just a whisker away from its 18 May 2012 IPO price tag.

Facebook saw its shares hit repeated snags: first from its catastrophic Nasdaq float, which was delayed by over half an hour only then to suffer from clogged up orders as the exchange's backup system failed to cope. All of which meant investors on the day were unsure how much stock they had pocketed or for what price they had eventually bought or sold the shares.

It's understood that the IPOcalypse ended up costing brokers and traders an estimated £500m. But Nasdaq only set aside a £62m compensation pot for the exchange's meltdown.

It didn't help, either, that moneymen were repeatedly casting doubt on whether Facebook could sustain its ad-jammed business over the long term.

For months after its inglorious IPO, Facebook shares sagged heavily as early investors in the company waited for the chance to sell their stock.

The company's boss Mark Zuckerberg, however, has retained his shares. He said during Facebook's Nasdaq debut that he would not sell any stock until September 2013 at the earliest.

That decision is looking like an increasingly shrewd move by the 29-year-old Web2.0 kingpin given that his company recently posted strong quarterly results that helped plump up Facebook's shares by as high as 40 per cent.

Of course, whether the stock will stick around this level remains to be seen. It's really up to Facebook to keep wowing Wall Street - which is something it has had a tough time doing up to now. ®

Next gen security for virtualised datacentres

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?