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After their rally through September, Facebook shares have slipped away again. Not surprising really. They were overpriced by quite some margin going into the IPO, and are still around 45% below the public offer price of £38.
Unfortunately the price was ramped by greed, corruption, and fraud going into the IPO. In fact, the stock price has been overplayed for a good few years. In my opinion its still a deal higher than fundamentals and the business dictate.
Brokers made hundreds of millions from dealing Facebook shares before you even got a look in. Friends of the firm made even more. Facebook didn't tell you about its waning advertising revenue. Investment advisers never questioned the numbers. All the insiders with influence sold a bucket load of shares to the public, and increased those numbers just before the issue. It was a great marketing job.
But the real story began in 2007, when ex-employee Vince Thompson wanted to sell his shares. So a new market opened up that would allow billions to be made from deceit, lies, and even thin air!