Despite media hype and early projections for the initial public offering of Facebook stock, the IPO was a dud.
The national media predicted hundreds of millions of Facebook users would snap up the stocks in an uncontrolled feeding frenzy, making the IPO even more successful than Google and Apple’s initial stock offerings.
But the forecasted estimates fell short of expectations, and the media was left with egg on their faces.
Initial stockholders (who bought into the company years ago) unloaded 421 million shares today for earnings of about $9 billion. CEO Mark Zuckerberg was among those dumping his shares today. He walked away with an estimated $1.15 billion — on paper, at least.
Despite selling off his shares, Zuckerberg remains Facebook’s biggest shareholder with 56% control over his company (503.6 million shares).