Despite media hype and early projections for the initial public offering of Facebook stock, the IPO was a dud.

The national media predicted hundreds of millions of Facebook users would snap up the stocks in an uncontrolled feeding frenzy, making the IPO even more successful than Google and Apple's initial stock offerings.

But the forecasted estimates fell short of expectations, and the media was left with egg on their faces.

Initial stockholders (who bought into the company years ago) unloaded 421 million shares today for earnings of about $9 billion. CEO Mark Zuckerberg was among those dumping his shares today. He walked away with an estimated $1.15 billion -- on paper, at least.

Despite selling off his shares, Zuckerberg remains Facebook's biggest shareholder with 56% control over his company (503.6 million shares).

According to the LA Times, Wall Street underwriters were forced to save the stock from falling below the initial opening price of $38 by snatching up shares.

“When a deal gets priced and breaks price on the first day, that’s definitely a major embarrassment," said trader Andrew Frankel, co-president of Stuart Frankel & Co.

Problems started early for Facebook when NASDAQ reported delays processing the trades due to technical problems. The stock was set to begin trading at 11 a.m., but technical problems caused nationwide delays.

Many traders "backed away from trading Facebook because Nasdaq had such system issues,” according to a LA Times source.

The stock began trading at a peak of $42 (due to wealthy investors unloading their shares for a profit). But the price dwindling to below $38 before leveling off at $38.23 for the day -- way below early estimates.

Analysts predicted that the overinflated stock price, along with the announcement that General Motors pulled their ads from Facebook, would contribute to the poor performance of the Facebook IPO today.

Meanwhile, the Facebook IPO didn't rally the market as expected. The Dow Jones average closed down -73.11 (0.59%).

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    • lisaROSE

      :yahoo: its 5pm wohooo im out! i was gonna buy some shares today but forgot ..... lololol

    • Gigi26

      Well FB is not as new and then with all of the changes, one of the founders relinquishing his US citizenship, privacy concerns I can see why. My friend told me it wouldn't be wise to get one, its too commercial already.

    • Vanguard Reese

      I figured it wouldn't live up to the hype. FB isn't fresh anymore and wise people know it will soon go the way of MySpace.

    • ItsIce

      I wouldn't invest in Facebook ... like MySpace, it's only a fad and will likely fizzle out soon. :shrug:

    • Gigi26

      They should've done the IPO when they first opened it up to everyone, they would've hit big :yes: sorry Mark but I am not drinking your kool-aid.

      But walking away with 1 billion on paper is still damn good for being in his late 20s that's for damn sure :yes:

      He still won imo.

    • Jamillah

      In a few years, facebook will be as relevant as myspace. If you must invest, invest in your education.

    • Fayla aka IWhipIt..WhipItRealGood:)

      FB=MySpace2012 now :coffee:

      i wouldna bought it neither!

    • Choco aka Hippie

      Really Sandra thanks for diggin the knife :ghost: This chit won't go away!

    • Ty

      Who didnt see this coming :think: Twitter will be next :coffee:

    • 69

      Chit, the end of the werld is right around the corner. We ain't werried about damn Facebook, we busy trying to invest in Jesus so we can get into heaven. :coffee:

    • Fayla aka IWhipIt..WhipItRealGood:)

      we busy trying to invest in Jesus so we can get into heaven. :coffee:


    • Fayla aka IWhipIt..WhipItRealGood:)

      TY :cheer: ikr! all the social media has an expiration date. they're just good till the new hotness comes along..then it's :cya:

    • Fayla aka IWhipIt..WhipItRealGood:)

      :dead: 69 i JUST realized that's a damn easter basket in yo gravi's head

    • Choco aka Hippie

      OMG @ Fay I kept looking at the back of her head in 69's gravi just saw that

    • Fayla aka IWhipIt..WhipItRealGood:)

      Choco that mess had been bothering me for the longest not being able to figure out what it was :lol: then i just looked at it & it was clear as day!

    • Choco aka Hippie

      She looks a mess its very disheartening :lol:

    • 69

      Fay and Choco,

      I told y'all that was the Easter special a long time ago. Taken in good ole Lake City, FL apparently. :lol:

    • Choco aka Hippie

      You have great taste in women :wink:

    • Ty

      Fayla aka IWhipIt..WhipItRealGood:) says:

      TY ikr! all the social media has an expiration date. they’re just good till the new hotness comes along..then it’s
      Yep we need to come up with our own social site and show Marks azz how to really stunt. He should've sold that shyt while it was fresh. No where else to go but down hill at this point :coffee: Why are folks still listening to wall street analyst...have they not learned any damn thing

    • scorpio

      Not understanding why people are putting so much faith into a company that for the most part is based on the passing interest of teenagers, who at the drop of a dime can decide that, if something else comes along that is more interesting to them such as facebook did to myspace, this company could fall apart so fast it would make your head spin. I see trouble for facebook in the future, it's getting too big. When companies get too big people start to mistrust them, look at the banks.

    • LittleBigMouth

      Then I'm in the minority. I just think this is a small bump in the road, things do have the possibility of getting better. I'm not on Facebook everyday posting stuff, but I do have an account and I am to believe a lot of other people do to. I wouldn't put myspace and Facebook in the same league either. Myspace was more of a kiddie playground, to me, Facebook is like a people directory, and is becoming the white pages of the world. There are a lot of search engines like Google and yet they've become a necessity and in some ways Facebook is becoming that too. Just a thought.

    • pointhimout

      a pump and dump. too much hype. that stock shouldn't be priced at anything more than $4 a share. sure, there's a great rags to riches story that supports it's founder, but nothing else that warrants this stock coming at the gate at $38 a share. You have companies like microsoft or dept store like macy's who's stock is mid $20-30 a share.

      I'm no investment guru or economics person by any means, but FB who make money how again? what is the service they're offering the generates revenue? yeah, companies will use it as a source to get information on users, but is that it? so they'll sell mailing lists and compiled information based on usage of it's users? i dont get it.

    • Man, I just don’t care™