Not trying to state the obvious, but wtf is going on with this IPO? Im astonished how our financial system is allowed to operate this way. This whole racket of FB IPO seems like a massive pump and dump scam. Sure FB has some real value, but how are underwriters allowed to raise a stock price and sell more shares, when earnings outlook were cut and they kept a hush on it until after the IPO? And who gets screwed in the end??? the retail investor.
No I did not buy Facebook shares, I expected the share price to fall without any real earnings and a ton of hype surrounding it, but this turned into a complete disaster for the retail investors who got greedy.