Another lawsuit related to Facebook’s bungled initial public offering bit the dust, as a New York state appeals court Tuesday dismissed a suit by Felix Investments against online marketplace SecondMarket.
Private trading platform SecondMarket had been one of the primary sources for trading stock in Facebook prior to the social network’s initial public offering, and it created a farewell message in the form of an interactive timeline depicting the history of the stock.
Facebook’s roughly $100 billion value seems like that of a publicly traded company, due to private marketplaces where early investors are cashing out in weekly auctions.
Facebook shares have surged the most ever a private auction, bidding that took place while everyone was expecting the company to submit registration documents.
Facebook’s initial public offering will make some already wealthy folks a lot deeper pocketed. But some have already cashed out, and now we know who.
Facebook may submit paperwork Wednesday to register for an initial public offering that could be the largest of all time and turn the social network into one of the world’s most valuable companies.
A three-day halt in trades of Facebook shares reportedly begins tomorrow. Some see this as the first sign of a forthcoming registration to go public.
Facebook doesn’t want to participate in speculation about an initial public offer and honestly neither do we.
Facebook stock is the most watched on SecondMarket, a venue for trading shares of privately-held companies.
This week’s auction of Facebook stock on SharesPost has resulted in the third-highest closing price for Facebook shares, giving the company an implied value of $80 billion.