Day 4. Facebook down to 30.45 on pre-trade

$30.30 now. Will be interesting to see the open of the market in a couple of hours.

this is interesting
http://www.dailytelegraph.com.au/new...-1226364499488

US REGULATORS will investigate claims that Morgan Stanley shared negative news about Facebook with major clients in the lead up to its initial public offering.

Allegations are flying that the IPO's lead underwriter Morgan Stanley only told its top clients it had reduced its revenue forecast for the tech giant, and did not spread the word to other investors.

The state of Massachusetts has subpoenaed the brokerage firm over its discussions with investors on Facebook.

"The Securities Division has put out a subpoena to Morgan Stanley in connection with the analyst's discussion with certain institutional investors about the revenue prospects for Facebook,'' a spokesman for Massachusetts Secretary of Commonwealth William Galvin said.

This comes amid reports that a senior Nasdaq official said that the index would have pulled the plug on Facebook's IPO if it had known the extent of technical problems.

The BBC are also reporting that Zuckerburg is rumored to be selling shares.

Zuckerberg screwed his friends and partners at Harvard...why not everybody else?

SAN FRANCISCO (MarketWatch) -- Facebook Inc. (US:fb) Chief Executive Mark Zuckerberg has sold 30.2 million shares and director Peter Thiel has sold 16.8 million shares of the social-networking company, according to securities filings published late Tuesday. The sales confirm plans detailed in a prospectus before Friday's $16 billion IPO. Zuckerberg sold 30.2 million shares at a price of $37.58 for gross proceeds of $1.13 billion; Thiel sold 16.8 million shares for gross proceeds of $633 million. Facebook insiders had told prospective shareholders of their plans in an S-1 filing last week. Facebook (US:fb) shares were down 0.8% after hours at $30.74.

I think he sold when the ipo happened. It's got to suck you work somewhere.You have options worth millions but you got to sit on them for a period of time. And you are sitting there watching the value drop like a rock.

The fad is over.

.

This is probably why they priced it so high ... cause they knew they needed to get as much cash as possible up front