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 06:57:24 in HeadlinesA group of 65 Indian nurses trapped in the fighting engulfing parts of Libya want to return home, officials say.
At 06:52:33 in Northern IrelandThe largest known private collection of memorabilia charting the history of Ireland and the Troubles is being offered free to a good home.
At 06:50:36 in Northern IrelandSinn Féin has said there has been an arson attack on its main constituency offices in Londonderry.
At 06:38:55 in Northern IrelandA man from Magilligan, dubbed the Moses of the Scotch Irish in America, is being commemorated.
At 06:28:47 in Northern IrelandA team of scientists is visiting Northern Ireland later as part of a bid to draw up a genetic map of the British Isles.
At 06:26:26 in SportSir Dave Brailsford could set up a female Team Sky to help support "greater parity" between men's and women's cycling.
At 06:25:29 in Northern IrelandA book of condolence for the victims of three recent airline disasters is to open at Belfast City Hall.
At 06:21:11 in SportMercedes will rethink their approach to races after a controversy over team orders at the Hungarian Grand Prix.
At 06:15:43 in HeadlinesIn a very mixed day for newspaper headlines, the government's new guidelines on the extraction of gas and oil from shale deposits (fracking) is of major interest for the press.
At 05:58:24 in EnglandA crew flying in front of a US helicopter brought down by geese over the English countryside have told how it disappeared into a "fireball".
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 28th Jul 2014]
News In Other Categories
Arcade machines kept in the UK Computer Museum are being restored after enthusiasts answered a plea for help.
Sweaty palms, vice-like grips or the insufferable limp hand may be the least of your hand-shaking worries.
Scottish universities should appoint more women to their governing bodies or be forced to do so, according to the National Union of Students.
Sir Dave Brailsford could set up a female Team Sky to help support "greater parity" between men's and women's cycling.
A group of 65 Indian nurses trapped in the fighting engulfing parts of Libya want to return home, officials say.