Facebook sale glitch embarrassing, says Nasdaq
Published: 21st May 2012 09:58:38
Nasdaq boss Robert Greifeld has said he is "humbly embarrassed" about the technical glitch that led to a delay in trading of Facebook shares on the New York exchange on Friday.
Trading was delayed by about 30 minutes due to late order cancellations, reports suggest.
Facebook shares ended the day at $38.23, just above the company's initial pricing of $38.
The offer price valued the site at $104bn (£66bn).
"This was not our finest hour," said Mr Greifeld. As a result of the glitch, a number of investors were unsure whether their buy and sell orders had actually gone through.
However, Mr Greifeld said that once the glitch had been fixed, trading had been "successful".
For other technology firms hoping to follow Facebook on the road to IPO riches, any sign that the bubble may burst is deeply worrying.”
More than 566 million shares in the company changed hands, a record volume for US market debuts.
Investors will watch with interest as Facebook shares begin their second day of trading on Wall Street later on Monday after the disappointing 0.6% rise on Friday.
Some analysts suggested the share price would have fallen had it not been for underwriters stepping in to buy up stock.
Strong demand in the run-up to the flotation had led the company to increase both the price and the number of shares available for sale.
Other internet companies have had mixed experiences recently when they have started selling shares.
Online games maker Zynga's shares fell 5% on their first day of trading in December 2011. However, shares in business networking site LinkedIn more than doubled on their debut in May last year, while Groupon shares jumped 30% on their debut in November.
At 19:40:23 in SportGlamorgan's Michael Hogan says team-mate Jim Allenby is good enough to play for England.
At 18:39:29 in SportWorld number two Novak Djokovic says he will not play tennis "for some time" to let his injured wrist heal after losing to Roger Federer in Monte Carlo.
At 18:22:48 in HeadlinesThousands of Christian pilgrims have celebrated Easter's Holy Fire ceremony at the Church of the Holy Sepulchre in Jerusalem.
At 18:03:23 in SportBoth sides finished with 10 men as Glentoran beat Belfast rivals Crusaders in an ill-tempered Premiership clash.
At 17:47:19 in SportWarrenpoint Town remain in the promotion/relegation play-off spot after Gareth Tommons struck a second-half winner for Coleraine at Milltown.
At 17:35:51 in SportLinfield boss David Jeffrey is refusing to throw in the towel despite dropping two vital points at home to Portadown.
At 17:32:04 in EnglandA 58-year-old Derbyshire woman has been arrested over an assault on a man at a drilling site in Nottinghamshire.
At 16:57:31 in SportCliftonville are odds-on to retain their Irish Premiership crown after hammering Glenavon 5-0 at Solitude.
At 16:55:28 in Northern IrelandThree men in their 20s have been arrested in connection with a hijacking in Newtownabbey, County Antrim.
At 16:54:35 in EnglandFive people including three children were pulled from a car moments before it burst into flames after a crash.
Harvard CitationBBC News, 2012. Facebook sale glitch embarrassing, says Nasdaq [Online] (Updated 21st May 2012)
Available at: http://www.ukwirednews.com/news/1429873/Facebook-sale-glitch-embarrassing-says-Nasdaq [Accessed 19th Apr 2014]
News In Other Categories
Taxpayers' personal data could be shared with private firms under plans drawn up by Revenue & Customs (HMRC).
Glamorgan's Michael Hogan says team-mate Jim Allenby is good enough to play for England.
With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
Three men in their 20s have been arrested in connection with a hijacking in Newtownabbey, County Antrim.
Broadcaster STV has become the latest company to leave the CBI after the employers' body formally backed the campaign against Scottish independence.
Thousands of Christian pilgrims have celebrated Easter's Holy Fire ceremony at the Church of the Holy Sepulchre in Jerusalem.