Just over a year ago, I posted an article about the Facebook IPO process and how investment banks courted the company for lead position in in the IPO (Longread #73). This article from the Atlantic looks at the Facebook IPO after the fact and reveals how shady disclosure practices allowed the IPO to earn windfall profits for high-profile investors to make a killing on the backs of investors with less clout. It's a sad story although one that should come as no surprise to anyone who's been paying attention to how these things usually unfold.
"Facebook, One Year Later: What Really Happened in the Biggest IPO Flop Ever" by Khadeeja Safdar
Published in the Atlantic, May 20, 2013
Eric
No comments:
Post a Comment