Photo: CNBC screenshot
Just filed with the SEC trading firm/market-maker/brokerage Knight Capital announces a big Facebook-related trading loss.There are three quick takeaways, and bear in mind that there isn’t much detail at this point.
- The loss was $30-$35 million.
- The company says it’s looking at possible legal remedies.
- This explains why CEO Tom Joyce was so livid on CNBC the other day.
On May 18, 2012, Facebook, Inc. (“Facebook”) launched an initial public offering through The NASDAQ Stock Market (“NASDAQ”). As has been well-publicised, there were numerous issues and problems at NASDAQ relating to the trading of Facebook. Some market participants, including the Company, suffered sizable losses. The Company estimates its total pre-tax loss related to the events associated with the trading of Facebook to be in the range of $30 to $35 million. The Company has submitted claims for financial accommodation from NASDAQ. The Company is also evaluating all remedies available under law. There are no assurances that the Company will be able to recover any of its losses resulting from the numerous issues and problems at NASDAQ relating to the trading of Facebook. As
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