Facebook $

Warning to Readers: I’m venturing into territory where (a) I know even less than usual and (b) I haven’t been at all diligent in reading the public record or commentary, so feel free to skip this!

With Facebook trading at around 34 or 35 compared to the IPO price of 38, It strikes me that Facebook has managed its IPO masterfully to get the most money for the inside sellers of the stock, and the least for the Wall Street managers and greedy/fanboy first day buyers. This management included a wall street rumor on the day before the IPO that based on the roadshow the managers would have liked to raise the offering price to 41 or 42 but were precluded from doing so by the terms of the initial solicitation. As it was they were able to increase the number of shares issued at 38. I have no clue whether this rumor was honest or intentional market manipulation, but judging by the outcome it was certainly a good thing for the Facebook insiders who were selling in the IPO.  Whether in the long run it will be good for future companies raising funds through IPOs is another question.

On the other hand, Zuckerberg’s surprise (to the guests —  presumably not to the bride) wedding following his girlfriend’s graduation from medical school was clearly a class act.