Enlarge image Morgan Stanley’s Gorman Said to Join Facebook Call on IPO Price Facebook shares tumbled 16 percent through yesterday. Facebook shares tumbled 16 percent through yesterday. Photographer: Scott Eells/Bloomberg May 23 (Bloomberg) -- Robert Prongay, an attorney at Glancy Binkow & Goldberg, talks about the lawsuit the firm has filed with a California court over Facebook Inc.'s initial public offering. He speaks with Cory Johnson on Bloomberg Television's "Bloomberg West." Bloomberg's Emily Chang also speaks. (Source: Bloomberg) Ryan Cefalu, who lives with his wife and two kids in Baton Rouge, Louisiana, saw in Facebook Inc. (FB)’s much-anticipated initial public offering a chance to buffer his retirement fund. His expectations fizzled along with the stock within the first minutes of trading. “It’s disheartening to know ... Continue reading →
A User's Guide To Smoking Pot With Barack Obama Barry was quite the accomplished marijuana enthusiast back in high school and college. Excerpts from David Maraniss' Barack Obama: The Story dealing with the elaborate drug culture surrounding the president when he attended Punahou School in Honolulu and Occidental College in Los Angeles. He inhaled. A lot. posted May 25, 2012 8:29am EDT Continue reading →
Facebook's IPO Flop Is Decade's Worst May 25 (Bloomberg) -- Sheila Dharmarajan reports on facebook's IPO and how it is the biggest flop in a decade based on the first 5 days of trading. She speaks on Bloomberg Television's "In The Loop." (Source: Bloomberg) TV Channel Finder ZIP is required for U.S. locations Bloomberg Television in change Continue reading →
Making the rounds is The Facebook Fallacy, a killer essay by Michael Wolff in MIT Technology Review. The gist: At the heart of the Internet business is one of the great business fallacies of our time: that the Web, with all its targeting abilities, can be a more efficient, and hence more profitable, advertising medium than traditional media. Facebook, with its 900 million users, valuation of around $100 billion, and the bulk of its business in traditional display advertising, is now at the heart of the heart of the fallacy. The daily and stubborn reality for everybody building businesses on the strength of Web advertising is that the value of digital ads decreases every quarter, a consequence of their simultaneous ineffectiveness and efficiency. The nature ... Continue reading →