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Pfluger, Bettina

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Der Standard - Austria | 22/05/2012

Facebook share swindle exposed

Shares in online social network Facebook fell considerably below the issue price of 38 dollars on Monday, the second day of trading after its IPO. A clear sign that the shares were massively overvalued, writes the left-liberal daily Der Standard: "The Facebook IPO could have been a comeback for Nasdaq. All the major investment firms were queuing up, surrounded by investors who believe in the Facebook idea. … In sum one can say: much hype about nothing. Already on the first day of trading Facebook was only able to maintain the issue price of 38 dollars with the help of massive support buying. On the second day of trading the share price plunged. The price for Facebook was simply overestimated in the run-up to its IPO. This rip-off fantasy left no room for the shares to rise in price. Hello, Internet bubble!"

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