Justin du Coeur (jducoeur) wrote,
Justin du Coeur
jducoeur

They can't say Facebook didn't warn them

This week's LinkedIn links contains a delightful piece from Business Insider, on the subject of Facebook's IPO, taking the whining investors to task. 

 

The message, repeatedly, is, "Did any of you people read the freaking prospectus?". It's a fine point.  He includes an annotated version of the letter Mark Zuckerberg sent to prospective investors, which boiled down to pointing out that they are more interested in building cool products than making money, structured things intentionally so that Zuck would retain control, and weren't making any promises about valuation.

 

I confess, I kinda like the letter.  When I think about Querki, I'm mostly focused on building a cool, smaller private company than something that will make billions in the stock market, for many of the same reasons.  Given the letter, I'm honestly mystified why anybody bought the stock - but then, I've been saying for months that this IPO made no sense.  And it really does look like people bought with deliberate blinders on - the scandal about inside information aside, it was pretty clear from the *public* statements that this was an iffy investment...

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