10 Biggest Flops in Tech 2012
2. Facebook’s IPO Fiasco
The Facebook IPO is easily the most hyped and widely talked about tech development in recent times. The social network was valued at a staggering $104 billion even though the company made $3.7 in revenues. The stocks were launched amidst wide hue and cry valued at $38.
Mark Zuckerberg’s company has since faced tough times. Be it NASDAQ’s technical glitches, too much media attention, widespread speculation and just plain bad luck, he has seen it all. The IPO was a complete flop show and the Facebook stock is now standing at $26.90.
Some investors even sued Facebook for pricing the stock too high. Poor Zucky was not even given enough privacy to enjoy his honeymoon. It was a disaster of epic proportions.
