The proverbial continues to hit the fan over Facebook’s IPO. Investors are trying to get their lost money back through the courts and Morgan Stanley are being blamed for all kinds of dubious activities. Now, the Wall Street Journal has confirmed the names of companies who Morgan Stanley tipped off about Facebook’s doomed offering.
If all the noise and fanfare of Friday was anything to go by, you’d be forgiven for thinking that Facebook’s IPO was nothing but a roaring success. Turns out that, behind the scenes, NASDAQ was a crumbling wreck.
Now Facebook’s IPO is filed, soon anybody will be able to buy a piece of a Facebook. But going public won’t stop Zuckerberg having control — especially given that he buys out the voting rights of current shareholders, $US100 at a time.
Facebook’s Form S-1 Registration Statement with the Security and Exchange Commission includes details on the IPO itself and the company’s financial condition as well as a letter from founder and CEO Mark Zuckerbergto current and potential shareholders – aka the whole world. It discusses the company’s business and technological philosophy and what Zuckerberg calls its “social mission” – i.e., “to make the world more open and connected.”
