For those who expected to make a fortune by participating in the Facebook IPO, it seems like you were on the wrong side of the bet, and that only the banks underwriting the IPO, and the insiders who were selling the shares, made a fortune: on the second day of trading, and following a lackluster first day, Facebook is sliding 14% to about $33, where the IPO price was $38.
Those who bought cannot say I didn't warn them.
Finally, there's a great interview of Francine McKenna on Capital Account going deep into the financial shenanigans at Facebook, and the way the company managed to overstate massively their profits, among many other valuable insights. The interview starts at about 3min in the show:
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