Facebook goes public (live blog)

Blow-by-blow coverage of Facebook's initial public offering.

  • Roger Cheng 5/18/2012 12:30:42 PM
    Welcome to CNET's live blog of Facebook's first day as a public company.
  • Roger Cheng 5/18/2012 12:30:48 PM
    Thanks for joining us everyone.
  • Roger Cheng 5/18/2012 12:31:58 PM
    In case you missed it, Facebook last night priced its IPO at $38 a share, valuing the company at $104 billion and raising more than $16 billion. That’s at the high end of its previously stated range. You can read more about it here.
  • charles.cooper 5/18/2012 12:32:39 PM
    It's still dark on the west coast. Ya think anyone from Facbook got a wink of sleep last night?
  • Roger Cheng 5/18/2012 12:33:15 PM
    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.
  • jim.kerstetter 5/18/2012 12:33:15 PM
    Good morning. Coffee is on. And CNBC is on the TV. And the Wall Street analysts are explaining the long-term potential.
  • Roger Cheng 5/18/2012 12:33:28 PM
    To say we're a bit tired would be an understatement, but here we are!
  • jarrod 5/18/2012 12:33:35 PM
    How long will it take to start making some money?
  • jim.kerstetter 5/18/2012 12:33:48 PM
    I'd say no, given the all-night hackathon.
  • Roger Cheng 5/18/2012 12:34:05 PM
    @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.
  • Antriksh 5/18/2012 12:34:30 PM
    So there's a hackathon?
  • jim.kerstetter 5/18/2012 12:34:48 PM
    LinkedIn was profitable, too. A solid company.
  • Roger Cheng 5/18/2012 12:34:57 PM
    Rather than hang out with the Wall Street types, Mark Zuckerberg and gang opted instead for an all-night hackathon at the FB headquarters.
  • jim.kerstetter 5/18/2012 12:35:21 PM
    Hackathon, in the Facebook sense, is coding on some sort of project that isn't your normal day job.
  • Roger Cheng 5/18/2012 12:36:03 PM
    Here are some photos from last night's hackathon, courtesy of Facebook.
  • Roger Cheng 5/18/2012 12:36:32 PM

    CEO Mark Zuckerberg rallying the troops before the hackathon begins.

  • jim.kerstetter 5/18/2012 12:37:14 PM
    A friend who works at Facebook just posted (on Facebook)...maybe an hour of sleep?
  • spsneo 5/18/2012 12:38:28 PM
    When will the bell ring?
  • Roger Cheng 5/18/2012 12:38:45 PM
    @spsneo The bell will ring at 9:30 am ET.
  • Antriksh Yadav 5/18/2012 12:38:55 PM
    Wait, Mark Zuck is not going to be at the IPO?
  • Roger Cheng 5/18/2012 12:39:34 PM
    Zuckerberg was in HQ at a hackathon, and will be remotely "ringing the bell" from Facebook's headquarters in Menlo Park, Calif.
  • Roger Cheng 5/18/2012 12:39:49 PM
    I guess nearly $20 billion in value isn't enough to get him to come to New York.
  • lawrence.dignan 5/18/2012 12:41:42 PM
    CNBC is trotting out all the dot-com boom icons for this Facebook IPO. Former Lycos CEO Bob Davis. Henry Blodget.
  • Roger Cheng 5/18/2012 12:42:33 PM
    Facebook’s IPO last night marks the largest Internet IPO -- by far -- and the third largest of all time. If you’re curious about the top 10 Internet IPOs before Facebook, check them out here.
  • spsneo 5/18/2012 12:42:41 PM
    Will Zuck address the media at melno park?
  • lawrence.dignan 5/18/2012 12:43:11 PM
    @spsneo, I doubt Zuck will address media.
  • Roger Cheng 5/18/2012 12:43:12 PM
    @spsneo Probably not. These bell-ringing affairs are usually for ceremony and show. Disappointing, I know.
  • jim.kerstetter 5/18/2012 12:43:20 PM
    I, believe it or not, saw Bob Davis in an elevator in Cambridge, Mass. the other day. His hair still does not move.
  • Karan Chopra 5/18/2012 12:43:41 PM
    What would be the opening price prediction today?
  • charles.cooper 5/18/2012 12:44:02 PM
    $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)
  • lawrence.dignan 5/18/2012 12:44:04 PM
    @karan I'll go with $55 for an opener
  • Roger Cheng 5/18/2012 12:44:06 PM
    @Karen Great question...anyone care to guess how this thing is going to open?
  • jarrod 5/18/2012 12:44:14 PM
    @Roger Cheng What is the point in buying stock? How much do you think I would be able to make? Do you reccomend buying it this early? Do you expect the prices to rise?
  • jim.kerstetter 5/18/2012 12:44:37 PM
    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.
  • Roger Cheng 5/18/2012 12:44:55 PM
    @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.
  • Roger Cheng 5/18/2012 12:45:25 PM
    While the stock priced at $38 last night, you could see a pop at the beginning of the day.
  • jim.kerstetter 5/18/2012 12:45:50 PM
    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.
  • Roger Cheng 5/18/2012 12:46:00 PM
    It could, of course, come down as rational thinking settles in. The stock really could go either way through the course of the day.
  • Roger Cheng 5/18/2012 12:46:54 PM
    @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.
  • Roger Cheng 5/18/2012 12:47:13 PM
    By mature, I mean actually developed a user base and business model and showing profits.
  • jarrod 5/18/2012 12:47:19 PM
    how will I be able to buy it?
  • jim.kerstetter 5/18/2012 12:47:27 PM
    More true than recent tech IPOs, you mean.
  • lawrence.dignan 5/18/2012 12:47:49 PM
    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.
  • Roger Cheng 5/18/2012 12:48:21 PM
    Yes, recent tech IPOs.
  • Roger Cheng 5/18/2012 12:48:50 PM
    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.
Powered by ScribbleLive
Don't Miss