I would have loved to see Mark Zuckerberg’s Day planner for this past week.
Yup, the latest tech genius has married. What I think is cool is that the couple pulled off a completely secret, surprise wedding in their backyard – even the guests didn’t know. The 100 or so friends thought they were attending a party to celebrate Priscilla Chan’s graduation. They were clueless until the wedding party formed up, and Priscilla appeared in her wedding gown.
I knew a couple who did that, except it was the family’s traditional Christmas gathering. No one even questioned the priest being there, because he was a family friend of many years. When I asked Scott why they did it that way, he told me that they didn’t want anyone spending money they couldn’t spare on gifts, but they didn’t want to just go to the city clerk – they wanted their family to share the joy.
Well, Mark and Priscilla’s shindig went down a lot more successfully than the IPO the day before. The pundits are all debating what happened versus what was expected. The massive stock offering was priced at an initial $38 per share. After bouncing around the initial price all day and being bolstered by some of the investment banks buying back stock, the stock closed a mere $0.23 cents above its opening price.
People in the business had told the Facebook team to ignore their banks when they advised adding millions of more shares to the offering. There had also been industry-wide discussion of the wisdom of having the opening price set so high. Then there had been GM’s announcement earlier in the week that they were pulling all their advertising from Facebook because it wasn’t delivering enough clicks to be worth the price. The pundits are now questioning whether any Internet company can generate enough interest for a stunning IPO… they’re now wondering if all those institutional investors they rely on are still spooked by the dot com collapse several years ago.
I’m not feeling sorry for Mark or any of the other big stock holders at Facebook. Mark still holds 56% of the voting stock (meaning he’s in the driver’s seat), now valued at around $19.2 billion.
Man, what a bank account to have on your wedding day, when you are barely 28.