|PandoDaily's Sarah Lacy|
"That said: These are smart people. They knew the stakes. They planned this for years. How on earth could it have gone this badly?"I am now the un-proud owner of a couple hundred shares of $FB at $34/per and frankly, I am stewing. I took to my Facebook wall to vent:
Andrew Giangola to chime in with a reasonable retort to my request that Facebook’s soon-to-be Quixotic founder Mark Zuckerberg serve up an apology to the millions of small investors who bought into Aaron Sorkin’s celluloid depiction of him and his audacious creation. (Also, didn't Mr. Zuckerberg publicly state that he wanted to allow individual investors to have a stake?)
Andrew noted that "The Right thing = Liability" and the newly public company's lawyers likely had the founder's hands tied. I decided to let the post die until today when the stock slipped another 10% to $29/share, and USA Today sought ProfNet's help in seeking...
"...someone to write a 350-word opposing view for USA Today that the Facebook IPO is the latest example of small investors getting screwed because insiders had better information. It will run with our editorial saying that the larger lesson is that small investors should stay out of IPOs."I'm depressed.
I still believe that lawyers or no lawyers, the public consensus was pretty consensual: individual investors (i.e., active Facebook users) who chose to believe in the gospel of Facebook got burned, and for this, the company would be well-served to publicly address this unfortunate reality. Should it apologize for its CFO's indelicate indiscretion to the underwriting banks? No. Should it apologize for Nasdaq's meltdown? Hardly.
|Mr. & Mrs. Zuckerberg at the Sistine Chapel|
Or maybe not, especially when one considers how the incessant media hose turns all page one memes into ephemeral mush over time. Here's the latest take from Ms. Lacy:
"Right about now the communications team at Facebook is just praying for someone else in technology to be bought, go public or generally screw up. Anybody. We’re in week two of the post-mortem over Facebook’s IPO. The narrative has shifted (somewhat) from “WHAT A TRAINWRECK!” to “Wait, Facebook made a pile of money without inflating a bubble…is that really so bad?”I'm still depressed.