Facebook while starting the first day of trading experienced delays due to the glitches and intense demand that accompanied social network’s initial public offering listing over on which Nasdaq chief executive Robert Greifeld acknowledged design problems with Nasdaq’s technology. Adding further to it, The Wall Street Journal reports yesterday that Nasdaq’s chief executive says “arrogance” and “overconfidence” among the stock exchange’s staffers contributed to Facebook’s mishandled IPO last month.
Robert Greifeld said Sunday that was unprepared for the number of canceled orders just before the offering. “Testing didn’t account for the increasing volume at which cancellations can come in,” he told a conference of corporate directors at Stanford University’s Law School. They have stimulated the stock exchange to high trading volumes on the trading systems before the social giant IPO.
Facebook shares traded Monday at $32.06, down 0.99 points from their $38 IPO price.