Photo: Daniel Goodman / Business Insider
Good morning! Here’s the news:
- Henry Blodget has the exclusive story of what happened with the Facebook IPO. As it turns out, analysts only cut their forecasts for Facebook after one of Facebook’s executives told them to.
- The SEC may investigate whether Morgan Stanley shared material news about Facebook to institutional clients just before the IPO without telling the public at large.
- Meanwhile, Massachusetts has subpoenaed Morgan Stanley over the issue of analyst disclosures.
- If that’s not enough, one Facebook investor is suing the NASDAQ over the botched IPO and hopes to represent thousands of other investors with similar complaints.
- It looks like that investor isn’t alone. One hedge fund manager who bet $100 million on Facebook vented to us about just how badly NASDAQ messed things up on the day of the IPO.
- One side effect of Facebook’s plummeting share price is that Instagram’s price tag is now back down to $1 billion.
- Sean Parker’s new startup Airtime has raised $25 million in series B funding and acquired Erly, the startup backed by Hulu’s former CTO, TechCrunch reports.
- Even Michael Dell doesn’t believe that Windows 8 will be hot in businesses this year. Sorry, Steve Ballmer.
- Meet the former lawyer who Google put in charge of Motorola, Google’s biggest gamble ever.
- Be sure to take a minute to check out today’s Google Doodle. It will make your morning.