Welcome to CNET's live blog of Facebook's first day as a public company.
Thanks for joining us everyone.
It's still dark on the west coast. Ya think anyone from Facbook got a wink of sleep last night?
Alongside myself are a number of CNET editors and writers who have been breathlessly covering the Facebook IPO from rumor to today's opening on the Nasdaq.
Good morning. Coffee is on. And CNBC is on the TV. And the Wall Street analysts are explaining the long-term potential.
To say we're a bit tired would be an understatement, but here we are!
I'd say no, given the all-night hackathon.
@jarrod Actually, Facebook already generates revenue and is profitable. In fact, it's one of the few Internet IPOs to come out recently to already be on that track.
LinkedIn was profitable, too. A solid company.
Rather than hang out with the Wall Street types, Mark Zuckerberg and gang opted instead for an all-night hackathon at the FB headquarters.
Hackathon, in the Facebook sense, is coding on some sort of project that isn't your normal day job.
Here are some photos from last night's hackathon, courtesy of Facebook.
A friend who works at Facebook just posted (on Facebook)...maybe an hour of sleep?
@spsneo The bell will ring at 9:30 am ET.
Zuckerberg was in HQ at a hackathon, and will be remotely "ringing the bell" from Facebook's headquarters in Menlo Park, Calif.
I guess nearly $20 billion in value isn't enough to get him to come to New York.
CNBC is trotting out all the dot-com boom icons for this Facebook IPO. Former Lycos CEO Bob Davis. Henry Blodget.
@spsneo, I doubt Zuck will address media.
@spsneo Probably not. These bell-ringing affairs are usually for ceremony and show. Disappointing, I know.
I, believe it or not, saw Bob Davis in an elevator in Cambridge, Mass. the other day. His hair still does not move.
$20 billion didn't do it - but what if they offered free pizza from Rays? (That's the original Rays. Not to be confused with Famous Original Rays.....oh, forget it)
@karan I'll go with $55 for an opener
@Karen Great question...anyone care to guess how this thing is going to open?
Interesting that CNBC will soon be talking with an executive from Tumblr. It's the one big social media site that has had any sort of IPO talk.
@jarrod I'm by no means a financial adviser, but I assume people are going to buy the stock to take advantage of its growth potential. I'm not a fan of buying this stock early on though.
While the stock priced at $38 last night, you could see a pop at the beginning of the day.
I think you have to be thinking longterm if you're investing in a company with a P/E of about 100/1. Apple, by comparison, is 15/1.
It could, of course, come down as rational thinking settles in. The stock really could go either way through the course of the day.
@jim Good point. We're talking really longterm thinking with that multiple. It's pricier than any other tech IPO before it...of course it's also more mature than most other tech IPOs.
By mature, I mean actually developed a user base and business model and showing profits.
More true than recent tech IPOs, you mean.
I've seen that Facebook-Apple repeatedly. It's nuts. FB is no Apple and unless there's some super model yet to come it won't.
One reason why it's so mature is that it didn't even want to go public. But that attitude changed when it exceeded the 500 shareholder limit for private companies and would have been forced to disclose their financials anyway.