Oh, Dear: Your Grandpa May Be Trying to Buy Facebook Stock

Seniors have heard of this Facebook thing and they are intrigued.


You might want to give your grandparents a call, because they may be badgering their brokers right this very minute for Facebook shares–at least if this CNN Money article is to be believed.

The star of the piece is 79-year-old Alvan Sweet, described as “an experienced IPO investor,” who now lives in a Florida retirement community. His friends never wanted his advice before, oh no, but now that big fancy Facebook is going public, that’s all they can talk about:  

“When I was investing in other IPOs in the past, I mentioned them to my friends because I thought they were also good opportunities for them, but they never showed much interest,” said Sweet, who’s had a home in the Florida community for 16 years. “Now all of a sudden, they’re very aggressively pushing me to do something to help them invest in the Facebook IPO.”

Mr. Sweet told CNN Money that he isn’t entirely sure they “understand the risks of investing in IPOs.” At least they do have Facebook accounts; Mr. Sweet, for his part, does not.

Nor did these unnamed friends want to talk to the media.

But there’s a chance, however slightly, they’ll get their chance at some shares. As we’ve mentioned before, Facebook is looking to reserve more than usual for retail investors, out of a “people’s company” idealism. And Facebook has also just amended its S-1 filing to reflect it’ll be offering an additional 50.6 million shares. The expected price: $34 to $38 per share.

Still, it’s worth remembering two words: “Muppet bait,” from no less a Zuck enthusiast than Henry Blodget. Oh, Dear: Your Grandpa May Be Trying to Buy Facebook Stock