The New York Post is pulling no punches this morning. Here’s an excerpt from today’s cover story:
They were Mark Zuckerberg’s cash cows.
Hordes of everyday New Yorkers played the fool yesterday to Wall Street fat cats and Facebook insiders, who used a bloated stock price to milk them of billions of dollars during an overhyped IPO.
With a $38-a-share price tag and forecasts for a 10 per cent jump, mum-and-pop investors blindly bought in with dreams of instant riches that never came true.
Meanwhile, the social network’s hoodie-wearing CEO finished the day with a net worth of $19.25 billion. The average Facebook employee saw their on-paper wealth shoot up to $2.9 million.
Reporters Georgett Roberts, Josh Saul, and Jeane Macintosh interview experts and new investors, who respond to yesterday’s lackluster IPO.