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Despite all the noise that’s surrounded Facebook’s IPO, there is one thing that must be said: It was good for Facebook.Yes, the IPO has been tarnished thanks to the “selective disclosure” scandal. And NASDAQ’s crappy performance is dragging on Facebook.
But, Facebook raised $16 billion, getting investors to overpay for the stock at $38 a share.
That is the number one priority for Facebook in an IPO. It is not looking to make investors rich overnight.
It is looking to make investors rich in the long run. And, as Joe Nocera at the New York Times points out, with $16 billion raised, it now has a nice war chest to fight Google, Apple, Microsoft, Amazon, and any one else that comes along.
So, despite all the follow-on scandals that have plagued the Facebook IPO, the bottom line is that it raised a ton of money, and it’s ready to turn itself into a $200, or $300 billion business.
All the shareholders who didn’t get an overnight pop in their stock should just learn to be patient.