Facebook shares crash below IPO

The WSJ has given us a nice little widget that allows you to track Mark Zuckerberg’s worth in real-time, showing that no matter how bad that stock goes he’s still worth billions.

After going public on Friday at $38 a share and peaking at $42, Facebook stock fell below its offering price on Monday and is now trading at $34 a share.

This drop in value is affecting Facebook founder Mark Zuckerberg’s wallet. Zuckerberg’s 503.6 million Facebook shares were worth $21.2 billion at the opening of Monday’s markets. The shares are now worth around $17 billion. The Wall Street Journal is tracking Zuckerberg’s wealth in real time on its website with the “Mark Zuckerberg Wealth-O-Meter”.

Glenn seemed to predict this downturn on Friday, when warned that the record setting $110 billion valuation of Facebook was an unsustainable scam.

“Chase did the valuation for Facebook and shocked everybody by saying it’s worth $110 billion. There’s no way that thing is worth $110 billion,” Glenn said.

“To put that in perspective, that’s more than GM. That’s more than Ford. That’s more than ABC Disney. A lot more,” Glenn continued. “ABC Disney’s worth, what, $60 billion? In the end if that thing goes broke and you’re an owner, at least you walk away with a really sweet roller coaster. Facebook, what do you have?”

Glenn sees something wrong with the way Facebook’s IPO unfolded, noting the relationship between Facebook, JP Morgan Chase, and the White House.

“I’m not saying you can tie the White House to this but it’s all the usual suspects that are involved in this. Obama has a love affair with Zuckerberg and Facebook. Facebook is in bed with the left,” Glenn said. “Obama is also deeply in bed with J.P. Morgan Chase, says Jamie Dimon, one of the greatest CEOs. And J.P. Morgan Chase, even with the scandal that’s going on with J.P. Morgan Chase, he’s saying they’re one of the best.”

“Something’s wrong here. Something’s wrong. But I’ll tell ya, it’s the same kind of crap, and we never learn our lesson. Facebook, bigger than ABC Disney? It’s bull-crap, and Americans know it, no matter who tries to manipulate us.”

  • http://www.artinphoenix.com/gallery/grimm snowleopard (cat folk gallery)

    Unsustainable scam? Looks that way, I definitly have to say the tech bubble on Facebooks babble burst all the sooner than most expected. Now here is a question…

    How many of Obama’s supporters made money from the sudden drop? Did Soros himself manage to make money off the deal, if he was involved in it?

    As usual when the administration is involved, more than meets the eye…

  • Anonymous

    He announced his marriage and all the single ladies sold their shares.

  • http://misfitpolitics.co/ Corran Horn

    What Obama has corrupted friends? That’s news to me! LOL! It not real shocking that this is how libs do run everything step one is to lie about the worth of something like how Obama lied about how much Obamacare cost. Second step take the money and run like hell. Mark Zuckerberg is somewhere between step one and two.

  • http://profiles.google.com/larry.gibby Larry Gibby

    Facebook sucks and is a dangerous enterprise to be involved with.

  • http://www.facebook.com/people/Gabor-Zolna/548097242 Gabor Zolna

    Got to give credit to Zuckerberg, his scam is almost as big as Obama’s and yes, they are booth scams.  Facebook derives revenues from one source which is advertising and there is no way that advertisers can verify what impact their advertising dollars on Facebook returns to them. I for one have never watched a single add on Facebook. It appears that GM feels that way as well since they have pulled their ads off of Facebook.  The bottom line is that Zuckerberg pulled off the second biggest scam in history with nothing to substantiate Facebook’s worth or Obama’s eligibility, bot are out and out fakes.

  • http://www.facebook.com/darrel.rodenhauser1 Darrel Rodenhauser

    Anything Noboma touches turns to “CRAP” he has the Mitas touch in reverse he touches gold and it turns to “CRAP” look at our Country! I’m putting my money on Glenn and screw Noboma and the “Jackass” he rode in on!!!

  • Johanna Alley

    And that’s why I just cancelled my Facebook account for good.

    • greywolfrs

      I did along time ago, the moment Mark Fuckerberg tried to steal people’s stuff (content) so he could make money off of it.

      • Anonymous

        Wasn’t that how Facebook got started, lol?  In order to do that, you’d have to not even have a Facebook account to begin with.

        • greywolfrs

          I have never had one, but know plenty of people who did and do. I have heard all the news regarding Mark Fuckerberg trying to steal content, just as he was contracted to make Facebook and stole that as well.

          • Anonymous

            Well, I created a Facebook account several years ago before I even knew what Facebook even was. Thing is, though, is that it is more of a fake account that I have done absolutely nothing with since, lol. Social networking just has never really been my thing.

  • greywolfrs

    What a joke, Facebook is a piece of shit. The only thing Mark Fuckerberg ever tries to do is steal content.

  • http://www.facebook.com/people/Nathan-Pizzo/1582830571 Nathan Pizzo

    If I had a good wad of cash, I’d put it on Facebook SHORTED down to $5 bucks, and make some real money on the down side.

    That being said – I don’t have a wad of cash.

    Dang it!

  • http://www.facebook.com/profile.php?id=1798144694 Alec Kerrigan

    “Facebook in in bed with the left”

    Thats funny because Zuckerberg endorsed Mitt Romney.

    • Anonymous

      Did he really, Alec?   Because word was that he had donated a chunk of money to B.O.

      for his reelection bid.  If true, will he do the same for Romney?   In equal amount?

  • Anonymous

    This was just another ploy by Washington to make big profits. The more expectations, the better for the Washington investors. It also played right into Obama’s hands to divert news from the REAL issues of the US economy and unemployment. Just watch in the next few weeks, there will be reports that the economy is taking off and unemployment coming doen by the thousands.

  • Anonymous

    That’s what someone said on FOX, maybe it was  S. Varney or Charles Paine.  In any case, he

    pointed out that the valuation of the stock is what troubled investors re: Facebook.

  • landofaahs

    Frasnkly, I don’t get the allure of two face book.  I have heard of cat fights etc. on it.  Personal is personal and Faded book seems to public for intimate conversation. 

  • Anonymous

    The conspiracy theories and bullsh** passing over glenn beck’s forked tongue appear to have no end.
    Now the White House is responsible for the embellished estimates for an IPO.
    I truly wish glenn would find a way to hell that is faster than simply eating himself to death!!!

    • SoThere

      Another death threat fantasy strtlk?  Glenn has $80 million dollars and you have shit.

      Say hi to your prostitute friends the next time they give you another disease, go clean some toilets. Sorry but your garbage is just that and I’ve got more nerve in my pinky than you have in your whole body.
      C’mon chickenshit “I guarantee that after a serious discussion, your pointless little comments would end. I would love to meet a little twerp like you face to face.” Ha Ha Ha Ha Ha Ha Ha Ha
      Your jealousy is so, so evident and your ignorance is going to keep your head in the bowl with a brush.

      • Anonymous

        I’d say he has more than $80 million SoThere.  $80 million is just what he made in the last year.  Beck is an intelligent man who, I’m sure, wisely invested his money and now has much more than that $80 million.

  • sofia weltz

    Who didn’t see this coming?     Anyone remember “MySpace?”

  • Anonymous

    I really don’t understand all the hype with Facebook. 

    To me, it is another of those new technologies that will be surpassed by something else unless they start diversifying their interests and offering other products.  Does America On-Line ring a bell?  At one time, they were the hot ticket for internet connection and now where are they? 

    This whole Facebook scenario reminds me of a ponzi scheme that might have been featured on a past episode of American Greed.  If it sounds too good to be true, it probably is. 

    BTW, does anyone think that drawing of Zuckerberg shown above looks like Screech from the old Saved by the Bell show?   

  • Brave_Pa

    Mr. Zuckerburgh what goes around comes around. This could be the beginning to your end!
    You are now wide open for take over by anyone who knows how bring down  a public owned company.

    All that private information in the hands of George Soros!  Hell if the stock does bad enough, Soros can get obama to bail it out and take over using our tax money.

  • Anonymous

    Face what?

  • sofia veltz

    I recommend anyone with a FB account, close it  or at the very least,  change privacy settings.
    I too see a hostile take-over and the winner won’t care about sharing personal info.

  • http://www.facebook.com/profile.php?id=100002749002870 Valerie Sojourner

    Zuckerberg will be begging for a bail out and someone will pass the buck to someone who will get left with the investigations-golden spoon boy will more than likely not get the wrap.  Could be the administration is using this (could have even created it) to begin the control of Wall Street and take it over and mess it up before the Big O leaves office.  I have a feeling the mischief and criminality that will happen before this bunch leaves will make the Clintons’ exodus look like a frat party.

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