24 May 2012

Let that be a lesson

Oh dear.  The Guardian  reports:
After months of hype about the float of the social networking site, which has nearly a billion users across the globe, the appetite for its shares has collapsed since its launch at $38 per share on Friday. The shares are now trading at $31.78, leaving the company that boasts a user base including half the American population is worth £4bn less than it was six days ago, and earning it a new moniker: Fadebook.
I confess that I have never quite seen the point of Facebook (although one of my more techno-savvy nephews explained that it was a kind of dating service for teenagers and students).  As the young ones say nowadays, whatever.

Incidentally, I think that The Guardian has got its figures wrong; if the company was originally valued at over $100 billion, then losing more than a sixth of its value amounts to rather more than $4 billion.

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