SAN FRANCISCO, June 11 (Reuters) - Facebook Inc Chief Executive Mark Zuckerberg faced a barrage of questions on Tuesday about the company's slumping stock price during the No. 1 social networking company's first shareholder meeting since its rocky initial public offering last May.
By Kofi Bofah:I recently opined, in this April 8, 2012 article, that I expected this looming Facebook (FB) initial public offering to be a train wreck for small, retail investors. I argued that Facebook would be coming to market amid a perfect storm of cheap money, irrational exuberance, and slap happy promotion.
Over the last year, Facebook CEO Mark Zuckerberg has repeatedly emphasized his company’s social mission, “to make the world more open and connected.” It turns out that he’s interested in building a lucrative business as well. After Facebook’s surprisingly strong earning report, highlighted by impressive performance generating mobile revenue, the company’s shares skyrocketed by 20% on Wednesday, in the largest one-day gain since the company went public back in May.
For a long time, Facebook was the most dramatic, exciting company in Silicon Valley, if not the world. Its CEO, Mark Zuckerberg, was a global icon thanks to his remarkably young age. Before 23, he became a subject of intense scrutiny and hero-worship.