Companies

Sep 12, 2012

Facebook falls flat on its face, but blaming CFO not on

The recriminations over the Facebook float continue, with The New York Times and the owner of a basketball team weighing in on the villains and victims of the float.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

The recriminations over the Facebook float continue, with The New York Times and the owner of a basketball team weighing in on the villains and victims of the float. Facebook shares closed at $US19.56 yesterday — about half the IPO price, giving the company a market value of $US42 billion (the shares bounced from an all-time low of $US17.55 after founder Mark Zuckerberg confirmed he wouldn’t sell Facebook stock for at least a year).

Given the near halving of the share price in a few months, not unexpectedly, the business press are searching for villains upon whom the losses can be blamed.

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