Facebook Apologises After Confusing Cost Of Market ‘Shares’ With ‘Share Shares’

Facebook Share Share
Twitter Share
Flipboard Share
Reddit Share
SHARES

ANALYSTS at Facebook’s IPO underwriters have admitted today to accidentally pricing actual stock market shares with the social networks own ‘share’ option which is frequently used by its 800 million members.

WWN has learned that the research analysts at the company’s lead underwriters – Morgan Stanley, Goldman Sachs, and JP Morgan—had cut their earnings estimates for Facebook after realising their terrible mistake, but had accidentally forgot to tell smaller individual investors who later got suckered into the sale.

“This whole share thing is confusing.” said chairman for Morgan Stanley, Chris Carter.

“When they said give an estimate on Facebook shares we just assumed they meant the share option thingy on the status update.”

The investment bank admitted that pricing every status update share at $42 each was also ‘a bit high’ considering the sheer number of Facebook shares that are made every day.

“It was just a simple error and we apologise to any small investors who may have lost out.”

“We did actually tell the larger investors to pass on the information down the line, but obviously they were very busy selling and forgot.” concluded Mr. Carter.

Facebook CEO Mark Zuckerberg has also apologised to investors who have lost $11 dollars per share since Fridays opening market.

He told press earlier that he was partly to blame for the mix up: “I should have made it clear what shares I was talking about at the meeting with our underwriters.”

Zuckerberg announced he will also be floating the Facebook share option and like option on the stock market in the coming months: ‘Shares and likes will soon become an on-line currency for all our members by 2013.’

Experts believe ‘Likes’ will go on the NASDAQ at $20 a share.

Comments ( 1 )
Share what you think.
Facebook Share Share
Twitter Share
Flipboard Share
Reddit Share