Ah, was it just a week ago today that the world was waiting in wide-eyed anticipation for Facebook (FB) to begin trading on the Nasdaq? Yes, waiting...and waiting...and waiting, as 11:00 a.m. ET came and went and trading did not commence? And thus began the debacle that has been Facebook's initial public offering -- botched trades, lawsuits and market losses, oh, my.
Again -- has it really been only a week? This afternoon, as we head toward market close before a long holiday weekend, the stock is trading at $31 and change -- close to $7 below its offering price of $38. In its first week as a public company, it has traded in a range of $30.94-$45 (and that $45 was a very brief pop on its first day out of the gate, when it closed just 23 cents above $38).
But does the typical Facebook user care about the IPO? Does it matter to them if the company has a $100 billion valuation or a $10 billion one? If it continues to trade on the Nasdaq or moves over to the NYSE (as if that would solve any problems)? Look at your news feed over the past week -- has anyone commented on the IPO, or are you seeing the same status updates from your "friends," detailing what they ate for lunch and how little Jimmy missed the potty during his last attempt at mastering toilet training? No, unless they own shares in the company, the vast majority of Facebook's 900 million users don't care about anything but the user experience -- and their privacy.
Did Facebook and its underwriters fail to properly disclose changes to analysts' forecasts ahead of IPO day? "Eh," most users would say, "let's talk about how much we hate the Timeline!" And the Timeline may be getting a few minor changes, which Facebook is already testing after much grumbling about the newest format.
What are your thoughts about the Facebook IPO, one week in? Does it or should it matter to the typical user? And as a user -- are you still happy with the Facebook experience?