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Kristin DeasyMay 24, 2012 18:04
$100 million believed lost in Facebook IPO slip-up
Botched market launch adds to an already bad week for Facebook.
Botched market launch adds to an already bad week for Facebook.
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Facebook founder and CEO Mark Zuckerberg delivers the opening keynote address at the f8 Developer Conference April 21, 2010 in San Francisco, California. (Justin Sullivan/AFP/Getty Images)
Four major market players appear to have lost more than $100 million when a technical problem delayed Facebook's market debut on Nasdaq Friday, reported Reuters.
More from GlobalPost: Facebook, Zuckerberg and banks sued over IPO
The social networking site, which announced that it was going public in mid-May, saw its opening delayed by a half-hour on Friday due to technical problems, said The Washington Post. The incident is currently under investigation by government regulators, reported Reuters.
The news comes days after Facebook shareholders charged Faceook, CEO Mark Zuckerberg, and several banks with withholding critical information ahead of the IPO, according to CNET News.
Friday's botched IPO delayed client orders, sent stock prices tumbling, and is believed to have cost the four key traders involved with the Facebook more than $100 million, a firm official told Reuters.
Knight Capital said it lost $30 to $35 million, reported Reuters, with losses also claimed by Citadel Securities, UBS AG and Citi's Automated Trading Desk.
The upset could overwhelm the $13 million fund set aside to deal legal issues, said Reuters.
http://www.globalpost.com/dispatch/news/regions/americas/united-states/120524/100-million-believed-lost-facebook-ipo-slip
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