KEEP YOUR FACEBOOK, GIVE ME OUR REITs
By Murray W. Wolf
Dear Reader:
Facebook (NYSE: FB) debuted on Wall Street on May 18 with arguably the most high-profile initial public offering (IPO) in history. It was a “once in a generation opportunity” to get in on the ground floor of what could be one of the world’s most successful companies.
But the Facebook IPO has flopped. Since the social networking company began trading at $42 per share, the stock has slipped to as little at $28.25 per share – a decline of almost one-third.
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