With the restriction on sales of Facebook shares by large shareholders set to expire Aug. 16, Chief Financial Officer David Ebersman is holding private meetings with those investors in New York Friday, according to reports.
Bloomberg reported that Ebersman is trying to calm those investors’ concerns about the social network’s ability to increase advertising revenue.
Investors who bought into the initial public offering have lost billions of dollars. He needs to get out there and tell the story of how he’ll drive revenue growth.
Facebook went public May 18 at $38 per share, and its stock price plummeted almost immediately, sinking below $20 in early August. At the time of this post, Facebook was trading at approximately $21.55 per share.
Readers: Do you think Ebersman will be able to reassure Facebook’s large investors, or are we headed for a huge sell-off next Thursday?