Tech Thoughts Daily Net News ? May 24, 2012
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The technology company Facebook, Inc.[a] held its initial public offering (IPO) on Friday, May 18, 2012.[1] The IPO was one of the biggest in technology and Internet history, with a peak market capitalization of over $104 billion.
Facebook filed for an initial public offering on February 1, 2012 by filing their S1 document with the Securities and Exchange Commission (SEC).[10] The preliminary prospectus announced that the company had 845 million active monthly users and that its website featured 2.7 billion daily likes and comments.[11] The filing noted that the company's increases in membership, as well as its incomes, were slowing and that the deceleration was likely to continue.[12]
Trading was to begin at 11:00am Eastern Time on Friday, May 18, 2012. However, trading was delayed until 11:30am Eastern Time due to technical problems with the NASDAQ exchange.[32][33] Those early jitters would foretell ongoing problems; the first day of trading was marred by numerous technical glitches that prevented orders from going through,[34] or even confused investors as to whether or not their orders were successful.[32] 2b1af7f3a8