Facebook IPO: A joke that made people cry

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When the Facebook IPO was announced few months back I was excited as I saw an opportunity to invest in a company which owns a website where I used to hangout for hours. But when I looked at the IPO details from investment perspective I was absolutely surprised by the kind of price it was demanding. Zukerberg and early FB investors wanted to cash the euphoria and hence priced the shares at $38. But any wise investor would have avoided the IPO simply because of following reasons: