It’s only been a few weeks since the last Facebook auction on SharesPost. And while trading volume hasn’t fallen back to recent lows, the final clearing price is the lowest we’ve seen since the beginning of June.
According to an email from SharesPost, 75,000 Class B shares in the company were sold at auction on November 16, 2011 at a final clearing price of only $30. While the number of shares traded is up from 70,000 on October 26, 2011, the price is off $2 a share.
This may not mean much, of course, given that Facebook is relatively illiquid. And, it is an improvement over the past two months, at least with respect to a SecondMarket auction that yielded no takers. Nonetheless, I suspect we’re going to see a bit more of this in the run-up to an anticipated IPO next year. With each day that passes, the prospect of big wins declines: there just isn’t as much to gain as the IPO draws closer (though this didn’t appear to be the case with LinkedIn, earlier this year).
While the mantra was once ‘get in at any price’, I think we’re going to see a lot more caution from this point forward.
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