Facebook shares fell yesterday below the price at which they floated, inflaming a debate about who was to blame for the stock’s failure to “pop” after the social network’s keenly watched initial public offering.
Some investors accused Facebook of taking advantage of enormous demand to sell at an inflated price, while other market participants pointed to a glitch in Nasdaq OMX’s IPO software as the reason that potential buyers fled.
Last week’s $16bn IPO came at the top of its projected price range, and at an expanded size that made it the biggest technology IPO by many billions of dollars. More than half of the cash raised went to pre-IPO shareholders, including founder Mark Zuckerberg, venture capital firm Accel Partners and Goldman Sachs.
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