After: the dirty bastards tricked us in believing the stock was worth much more than $38 a share.
What I do not understand is the following: even after the downward correction, Facebook is worth $68bn, or 67 times trailing revenues. What kind of sucker believes that revenue growth may compensate for this ?
C’mon people, are you NUTS ?
What happened is that Facebook needed cash to fuel the growth of his company, and it thought it could get it cheaper from stock market morons than from banks. As Robert Cringley put it about a week ago, Mark Zuckerberg does not and could not care less for investor’s expectations; while no Facebook fan, I think he is last in the line of maverick tech founders (Gates, Jobs, Ellison, Bezos) who simply follow their instict to drive the company forward.
I think a lot of moves in coming years will have no other justification than “Zuck wanted this”, but judging from how well the 80’s Microsoft, Apple, Amazon or Oracle did or are doing when compared to professionally run giants such as H-P, well…