Photo: Jim Migdal
Last night Bloomberg reported that Facebook has halted trading of its shares on secondary markets. This whipped people into a Facebook IPO frenzy.
Then, this morning Fortune is reporting that Facebook shares auctions are proceeding like normal on secondary markets.
What’s actually going on?
According to reporters on all sides, agreements and contracts are still being drawn up between buyers and sellers on secondary markets, but Facebook’s law firm, Fenwick & West, won’t sign off on them for the next three days for whatever reason.
This reason could be an IPO filing or it could be something as routine as a “shareholder audit,” which Facebook has done before.
In short: we don’t know any more about when Facebook’s IPO will come than we did 16 hours ago.