lexipixel - 2:41 am on May 19, 2012 (gmt 0)
Opening bell price of first day of IPO: $38.00
Closing bell price on first day of IPO: $38.23
I figured it would have gone lower.
Looks like "market forces" made sure it didn't.
FB tumbled and hit its offering price of $38. The shares almost certainly would have gone lower, but the banks that put the deal together stepped in to prop up the share price.
The answer to why anyone even bought Facebook (FB) stock is about the same reason Zuckerberg gave for why people would voluntarily add their personal information to the site --
Zuck: Yeah so if you ever need info about anyone at Harvard
Zuck: Just ask.
Zuck: I have over 4,000 emails, pictures, addresses, SNS
[Redacted Friend's Name]: What? How'd you manage that one?
Zuck: People just submitted it.
Zuck: I don't know why.
Zuck: They "trust me"
Zuck: Dumb f**ks