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Hoo boy, anything tech-related that happened over this past week was dwarfed into oblivion by Facebook’s IPO.
Many of us were expecting a glorious event with massive profits for early shareholders, but the day’s events ended in disappointment.
The stock closed at just over $38 — exactly Facebook’s original offering price. In fact, NASDAQ revealed that the deal’s underwriters had to make supporting bids to keep the price from dipping below the $38 mark.
Also, unexpectedly low figures for Facebook’s share price led to a price slump for other tech stocks, as well. Zynga had a NASDAQ-mandated halt in trading not once but twice during the day when it fell by more than 10 percent.
“Ouch” doesn’t begin to cover it.
Still, there’s hope. We’re just at the beginning, and the mainstream market’s lack of faith in Facebook doesn’t necessarily mean that we’re heading for another dotcom-esque bust. My mom said so.