Investors who took a risk on Facebook last week appear to be receiving egg on their faces – for the third day running.
At press time, Facebook’s share price stood at $31.27, a far cry from the $38 it floated at and way off the heights it reached last Friday, when unusual trading on NASDAQ appeared to prevail.
There is shorting going on. It’s no secret, that’s how gambling works.
As our own Nick Farrell reported on TechEye on Friday, the IPO had all the looks of doom about it – an overvalued company hyped up to the hilt by the Wall Street ravens, sorry mavens.
It doesn’t make any real difference to the majors in the game, Zuckerberg et al. They are going to be squids in, whatever happens.
Meanwhile, TechWeekEurope has revealed that EMC is benefiting from Facebook, big time. And our sister publication, ChannelBiz, is reporting a big “pig out” courtest of Pat “Kicking” Gelsinger, of Intel, of old.