Mark Zuckerberg steps out after the IPO of Facebook makes him one of the richest men in the world. Facebook shares closed at $38.23 making hundreds of people millionaires overnight and Zuckerberg billions.
Facebook kicked off its so-called "roadshow" in New York on Monday, attracting hundreds of investors who formed a snaking line around the block keen on hearing CEO Mark Zuckerberg tout Silicon Valley's record $10 billion IPO.
Rampant rumors are circulating that Yahoo may be looking to snap up social blogging site, Tumblr. Meanwhile Facebook marks its first anniversary as a publicly traded company. Shares are still off their $38 IPO price.
Facebook's stock price has passed its $38 IPO price for the first time since its rocky initial public offering more than a year ago. Shares of Facebook Inc. are up 1.2 percent to $38.08 in morning trading.
The Daily Digit is $5.8 billion. Mark Zuckerberg has lost that much money on paper since he took Facebook public almost one year ago, on May 18th. From the get-go, it was a downward spiral for the stock. First, a computer glitch made Nasdaq halt trading during the debut, later Zuckerberg had to face the big question -- how was he going to make enough money on the social network to satisfy investors. Looking at Facebook's consecutive quarterly results, he bet on mobile ads.
Greylock Partners' David Szem leads the investment for Facebook's IPO. He joins Shayndi Raice to discuss whether, in the face of falling shares, he's lost faith in Facebook's future prospects. Photo: The Wall Street Journal.