WATCH: Matt Miller Explains What Went Wrong On The NASDAQ During Facebook IPO
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Bloomberg TV communications exec Jocelyn Austin sent Pulse2 the above video of Matt Miller explaining what went wrong on the NASDAQ during the Facebook IPO. Shares in Facebook climbed to $45 before closing at $38.23, a mere $0.23 above the opening price. The underwriters of the deal appeared to have been buying hundreds of millions of shares to support that $38 price. What will happen on Monday when the underwriters are not backing up Facebook’s stock is the biggest question for the social networking company.