Facebook’s Stock Price Is the Least Important Thing About Facebook


Facebook CEO Mark Zuckerberg is fond of telling his cohorts that their journey is only one percent finished. Even if you quibble about the exact percentage, he’s right that his company’s vision is boundless and that the service, in its current incarnation, is nowhere near done exploring its potential. The man is nothing if not both ambitious and patient.

Wall Street, unlike Zuck, is famously bad at taking the long view of things. When Facebook went public, a year ago today, shares were snapped up by speculators hoping to make an insta-windfall from a pop in its stock price. At the end of the first day of trading — bedeviled by NASDAQ technical gremlins — the stock flatlined rather than popping. In the year since, as my colleague Sam Gustin reports, it’s bumped around without ever returning to the initial offering price of $38. Some people are still brooding…

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