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Facebook IPO Was A Disaster: Do The Math...Anyone For 309 Million Shares…Going Cheap!!

Let me get this straight:

1: Friday 18th May Mark Zukerman rang the Bell

2: There was a SNAFU for a few hours and nothing happened

3: Then the underwriters (mainly Morgan Stanley with a little held from Goldilocks and JP Morgan) sold a load of shares in what was left of the morning, at $38 a share or thereabouts.

4: In the afternoon either they bought a lot back.

5: At the end of the day they had 309 million shares left out of the 421 million they started with.

6: Umm...A-B = 112 down out of 421 = 26%

And now Bono is a billionaire?

Perhaps someone can run that one by me again?

I'm sorry I'm at little slow today what with the traditional Irish support for the luck of one of their-own that I got inadvertently mixed up in.

And here's to you Bono, you deserved it!!

All I can say is you'd better spend it while you can mate, because when Facebook hit's $15 you won't be a billionaire any-more. But for-sure it couldn't have happened to a nicer bloke.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.