Where’s the line between token gesture and insult?
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May 18, 2012 may forever live in infamy for the NASDAQ. It was meant to be a happy day: the market was landing a whale of a listing in Facebook. As the bells rung on the social network’s first day of trade, however, it started to turn sour.
NASDAQ suffered a massive system glitch that saw its trading systems seize during the launch of the IPO, costing investors and estimated $US500 million. Ouch.
The SEC has this week approved NASDAQ’s compensation package to burned investors, which sees the market company pay out $US62 million to those affected.
The true cost of the glitch was never confirmed, but if it really is $US500 million, then there’s quite a shortfall between what NASDAQ is offering investors against what they lost in the meltdown. [TechCrunch]
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