Let me begin by embarrassing myself by acknowledging that I enjoy watching "Southpark," and I vaguely remember an episode concerning a child who had no Facebook friends. Well, in terms of my number of Facebook friends, I am not too distant from that pariah child. Although I opened a Facebook Page when a business associate asked me to "befriend" him, I spend little time with it (my children check my page and accept friends for me), but I don't regard it as a vehicle for building my relationships with the outside world. In fact, I perceive Facebook as more of a vehicle for tickling one's inside world.
Friday's Facebook IPO? I don't get it, and probably never will. This is the sort of thing that today raises $16 billion overnight with a target valuation for the company of over $100 billion? What are the prospects for growth? From where will its next product/service come when this social network ultimately looses its sizzle?
Facebook shares finally closed higher yesterday at $32 per share after its shares were sold for $38 in the IPO, and a class-action suit has been filed against the company, alleging "false and misleading" language in its S-1 filings regarding revenue growth (see: http://www.washingtonpost.com/business/technology/facebook-shares-close-higher-after-three-day-slide-as-social-network-banks-face-lawsuits/2012/05/23/gJQA3bAOlU_story.html?hpid=z3).
Is there merit to this class action? I don't know and have no intention of studying the matter. An aging dinosaur with little interest in social networking, I am sorely challenged to comprehend this company's value proposition.
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I am even better. It turns out there is a leftover of my old snobbery (apparently, when I did a serious shedding of my snobbery I didn't finish) and I just despise all this Facebook/Twitting (sp?) cheapness/kitsch and nonsense.
ReplyDeletePeople who didn't finish high school and are as empty of anything of value as one can be tweet (sp.?) to millions?
Facebook's IPO is a sign of our times - when the trend is to more and more about less and less until we know everything about nothing.
ReplyDeleteI agree with all comments.
ReplyDeletePersonally,I don't see how they can monetize.One day,many of the online advertizers will realize that few look at the ads,and they're better off putting their resources elsewhere.