I have been fascinated with the Facebook IPO. I've tracked the Facebook IPO from the February 1st announcement that it was going to happen to its latest performance on the stock market. I have been reading about it on a daily basis for months and I still don't completely understand how the most anticipated IPO in the history of the stock market could go so utterly wrong.
I'll admit there was a lot of talk that the IPO would be a flop but I just thought "haters are going to hate" and Facebook undoubtedly has a lot of haters. It also didn't help that General Motors announced right before the IPO that they were pulling all ads they run within Facebook. The NASDAQ's technical difficulties on the day of the Facebook IPO were like the cherry on the cake or the final nail in the coffin (depending on your perspective.) Dan Niles, the manager of an AlphaOne Capital Partners fund worth more than $100 million, shorted Facebook's stock soon after it opened and now he's reaping the benefits. Despite the initial poor showing it was still Mark Zuckerberg's best week ever.