Last Friday, as his brainchild company went public, Mark Zuckerberg’s face filled the multistory video screen adorning the Times Square Reuters building, his image a grinning, pasty vision of triumph—little brother as Big Brother.
In the 30 seconds after the bell rang at the NASDAQ exchange, more than 80 million shares were traded, and with the IPO (really the night before, when the underwriting banks bought the stock from Facebook), Mr. Zuckerberg made $25 B.
But he wasn’t making any money off me.
A bug in JPMorgan’s chief investment office led to discord. A glitch in Nasdaq’s system delayed Facebook’s IPO. The next big insider trading trial opens today. And more, in today’s Wall Street roundup.
Down-tick: The London and New York desks of JPMorgan’s chief investment office had long been at odds, and shouting matches were common Read More
JPMorgan fallout: Jamie Dimon couldn’t sleep after seeing the CIO positions! He had a hard time breathing! Mr. Dimon drank vodka, others drank wine and the JPMorgan chief executive officer struggled to fire “sister” Ina Drew. Ms. Drew told executives at an April 9 operating committee meeting that early press reports of the London Whale were Read More
As we noted earlier this morning, some of the retail brokerages fortunate to get their hands on Facebook allocations are apparently telling clients they’re out of stock, i.e., you and Aunt Sally can forget about $38 a share and assume that whatever you wind up paying, you’re going to be lining the pockets Read More
Zuck enters Facebook’s first road show presentation by the side door, Yahoo! CEO says sorry for … the distraction and a financier with fashion sense steps in to save Barney’s from bankruptcy court. Today’s morning roundup:
Road show: Mark Zuckerberg slipped into the midtown Sheraton through a side door to address investors yesterday, and left in the company of “a dozen beefy security guards,” the Journal reports, as Facebook kicked off its IPO road show. The presentation opened with a 30-minute video presentation available here. Following a delay while Facebook’s 27-year-old CEO was apparently having a hard time finding his way back from the bathroom, Zuck, Chief Operating Officer Sheryl Sandberg and Chief Financial Officer David Ebersman fielded questions on the company’s strategies for China, mobile revenues and its recent $1 billion Instagram acquisition. With excitement building, analysts have been quick to offer opinions on Facebook, with Sterne Agee slapping a buy on the company and Wedbush Securities assigning a $44 price target to the stock.
So sorry: Yahoo! CEO Scott Thompson apologized to employees for lying on his … wait, no, for the distraction caused by the “disclosure of my academic credentials.” You can find the whole letter (addressed “Yahoos:”) over at Dealbook. Third Point Capital’s Dan Loeb has been calling for Mr. Thompson to step down since last week, when the hedge fund manager asserted that the executive lied on his resume.
Trader exodus: Nearly two dozen of Wall Street’s most profitable credit traders have defected from banks in the past 13 months, Bloomberg reports, as lenders cut bonuses and regulators seek to limit the types of trading banks can engage in.
Chopping red tape: Bank of America data chief John Bottega has a fourth-degree black belt in Okinawa karate, so watch what you say about consolidating bank data, a cause Bottega championed in a previous position at the New York Fed.
(Anti) Social Media
Consider the social media editor: Her background and ambitions are journalistic, but because she possesses the very basic people skills required to navigate social networks, she awakens one morning to discover she’s become a so-called “Twitter monkey.”
Time magazine named “The Protester” the person of the year, in recognition of the global rise of populist movements. It was quite a blow to the Apple devouts expecting to wake up to Steve Jobs‘s face this morning. (Raising the existential question, can one “snub” the dead?)
Poor Salman Rushdie: there seems to be a social networking fatwa against his digital presence. First there was that incident where he tried to claim his Twitter handle, only to find out there was someone already squatting on @salmanrushdie. Humiliated, the Satanic Verses author was forced to claim @salmanrushdie1 until he gained enough support to push out the faker and reign over his rightful tweets.
To add insult to injury, Facebook deactivated his account yesterday, thinking he was an imposter. Then they refused to let him back under the name “Salman Rushdie.”
The riots in London seem finally to have subsided, but strange things are afoot stateside this week, so much so that we’re starting to wonder if Mercury, which went retrograde Aug. 3, is currently doing to the entire planet what it once did so publicly to Jeremy Piven. (Also, when does the statute of limitations Read More
Things That Are Not Chill
Earlier today, we reported on a conversation a tipster saw on Facebook: a new Facebook app called Chill—where you watch videos together with your friends, basically—had inserted an automated message into former Facebook staffer Dave Morin’s newsfeed after he installed it. The message read: “I just got into Chill and it’s awesome” and telling all of Dave Morin’s friends to join him. Facebook founder Mark Zuckerberg saw it, and was not chill over it, noting of the automated message: That’s lame. Well, after hearing what Facebook’s founder had to say about it through the Observer, the people behind Chill decided they agreed, and scrapped the automated feature.