By Peter Campbell
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facebook’s week to forget
Facebook chiefs in Silicon Valley will be glad to see the end of the first week of trading of their shares.
Since the much-anticipated float a week ago, the group has been beset by woes, including its plummeting share price.
Don't look back in anger: Mark Zuckerberg has seen the price of Facebook shares plunge
The latest of many damning revelations was that Mark Zuckerberg, the group’s founder and now chief executive, pictured, saved himself from a £111m loss by selling his stock at the float price before it collapsed.
The news riled the share-holding masses, who saw a fifth of their investment lost in the group. Shares, which opened at $38, rose to $40 before falling to less than $32.
Zuckerberg, as well as Facebook and its banks, is also facing a lawsuit over allegations he concealed an expected fall in company revenues from investors ahead of the float. They all deny the claims.
The lower forecasts contributed to the mass sell-off that hit the shares as soon as they went to market, it is alleged.
A group of US Senators will also probe the affair.
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