The nightmare on the Stock Exchange for Facebook continues. At the opening of Wall Street, the shares of the social network sink by more than 7 points, around 31,5 dollars, well below the placement price, which was set at 38 dollars.
Thus began the third day of listing on the Nasdaq for Mark Zuckerberg's creature, which last Friday had gained just 0,6% (the worst debut performance of all American maxi-IPOs). Yesterday instead the first crash, with a sensational loss of 11 points. Of the more than 100 billion dollars that made up the starting capital, a dozen have already gone up in smoke.
According to many analysts, the flop demonstrates how overvalued the initial share price was. Initially there was talk of an IPO at 28-35 dollars, a figure that was later revised upwards probably due to the influence of Morgan Stanley, the investment bank that oversaw the listing.
Unfortunately for the shareholders, just a few days after the listing, an analyst at the same bank, Scott Devitt, cut Facebook's revenue estimates for 2012. It was a response to the doubts expressed by the Securities and Exchange Commission (the American Consob) on the possibility of drawing value from the application for mobile phones, given that for the moment there are no advertisements.
