At Long Last, Facebook Returns to IPO Price
Report for ad plan sends stock price soaring
By Kevin Spak, Newser User
Posted Jul 31, 2013 10:08 AM CDT
In this Friday, May 18, 2012 file photo, electronic screens show the price of Facebook shares after they began trading in New York.   (AP Photo/Richard Drew, File)

(Newser) – If you were one of the investors who bought into the Facebook IPO hype on day one, take heart—you're finally back where you started! The stock crossed the magic $38 mark in premarket trading this morning, Mashable reports, after closing just a hair shy of the mark yesterday. It was buoyed by a report yesterday from Bloomberg saying that the social network was hoping to sell TV-esque ads for as much as $2.5 million a day.

If Facebook is really pushing ads to all 1.15 billion of its users, that would make it a Super Bowl-scale advertising opportunity that "could be a game changer," writes Rocco Pendola at The Street. "From a pure numbers standpoint, an advertisement for $2.5 million on Facebook could, theoretically, get in front of more people than the $4 million companies spend on a 30-second Super Bowl spot." But there are caveats; read his full post for more.

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Jul 31, 2013 1:04 PM CDT
Wall Street has been howling about this since the week after the IPO. They're used to getting a guaranteed huge one-day profit from every tech IPO, and couldn't believe it when Zuckerberg wouldn't play ball. Not being one of their "friends", he decided to set the IPO price based on what customers were willing to pay for the stock--a novel concept that goes totally against what the Street considers "fair". How ungrateful of him.