Lawsuit Could Wipe Out Facebook IPO Windfall

...but bids in Germany have hit $74 a share
By Kevin Spak,  Newser Staff
Posted May 18, 2012 10:13 AM CDT
Facebook founder Mark Zuckerberg is seen on a screen in Times Square moments after he rang the Opening Bell for the Nasdaq stock market board from Menlo Park on May 18, 2012.   (Getty Images)
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(Newser) – By the time you read this, Facebook shares will likely have begun trading (or not). But the hoopla around the IPO was slightly dampened today, thanks to a mammoth class-action privacy lawsuit filed against it. The case combines 21 separate suits accusing Facebook of tracking users even when they weren't logged in, the Telegraph reports. They're looking for $15 billion—almost enough to wipe out the $16 billion Facebook stands to take in today.

In other IPO news:

  • Mark Zuckerberg rang the opening bell this morning, in a remote ceremony from Facebook's Menlo Park campus, VentureBeat reports. The best part? The button he pushed was rigged so that ringing the bell would publish a status update on Zuckerberg's timeline: "Mark Zuckerberg listed a company on NASDAQ. — with Chris Cox and 4 others."
  • How high will Facebook go? Well according to Joe Weisenthal of Business Insider, bids in Germany have hit $74 per share—a massive gain on the $38-per-share they've been priced at.
  • One man watching that price with great interest? Bono. The Huffington Post points out that the U2 frontman owns 2.3% of Facebook, and may, after today, be the richest musician in the world.
(Read more Facebook stories.)

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