23/Apr/2014 - Last News Update: 15:02

Facebook sale glitch embarrassing, says Nasdaq

Category: Business

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.

BBC News External Link Show Citation

Latest News

Harvard Citation

BBC 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 23rd Apr 2014]

News In Other Categories

  • Twaddell Avenue camp: Three in court over flag incident

    Three people have appeared in court charged in connection with an incident at a loyalist protest camp in north Belfast.
  • Ty Hafan hospice care boss cleared of misconduct

    The director of care at a children's hospice has been cleared of professional misconduct over the way she dealt with a dying teenager.
  • Max Clifford jury gets majority direction

    Jurors in the indecent assault trial of publicist Max Clifford have been told they can return a majority verdict.
  • Football Association hit by drop in broadcast money

    The Football Association was hit by a £34m drop in broadcasting rights income last season compared with 2011-12.
  • Bristol Academy extends reach overseas with first foreign students

    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
  • Agoraphobic benefits cheat Tracy Johnson jailed for year

    A benefits cheat who claimed to have a fear of open spaces has been jailed for a year at Merthyr Crown court after being caught working as a tour guide in South America.