Fool me once, shame on you. Fool me twice, shame on me. Facebook’s (NASDAQ:FB) initial public offering has been anything but smooth sailing. The Nasdaq (NASDAQ:QQQ) listing of the social-media company has been swamped with computer glitches, trade confirmation delays and lawsuits. Now, rumors are flying around Wall Street that Facebook may be cruising for another bruising.
After Wednesday’s closing bell, sources close to CNBC said that Facebook was considering a listing on the New York Stock Exchange (NYSE:NYX). According to people familiar with the situation, the social media giant is entertaining proposals through emails and phone calls about a possible re-listing. However, NYSE responded in a statement that there “have been no discussions with Facebook regarding switching their listing in light of the events of the last week, nor do we think a discussion along those lines would be appropriate at this time.”
Listings and corporate services contributed $372 million to Nasdaq last year, or about 22 percent of its total revenue, according to the WSJ. The NYSE received $446 million in listings and corporate services in 2011, or 17 percent of its total revenue. Nasdaq has been responsible for past listings of major tech companies such as Microsoft Corp. (NASDAQ:MSFT), Google Inc. (NASDAQ:GOOG) and Amazon.com Inc. (NASDAQ:AMZN).
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It seems almost inconceivable that Facebook (NASDAQ:FB) would re-list its stock on another exchange, as it would only provide another opportunity for something else to go wrong. In typical fashion, Facebook has remained quiet on the issue, stirring more debate on how Facebook is managed.
As we explained in a previous article, founder and chief executive officer Mark Zuckerberg clearly explained in a February S-1 filing with the Securities and Exchange Commission that “Facebook was not originally created to be a company. It was built to accomplish a social mission, to make the world more open and connected.” Facebook is out to change the world and shareholders are just along for the ride. Investors and media outlets should stop expecting Zuckerberg to act as other public companies, even if it is ironic that the CEO of the world’s most connected website is unreachable for a status update.
Actions speak louder than words, and Zuckerberg’s actions say he is not worried about the movement in Facebook (NASDAQ:FB) shares or rumors. Hours before the IPO, he hosted an all-night hackathon, a tradition at Facebook that serves as a foundation for new ideas. The day following the IPO, Zuckerberg was married to his college sweetheart, Priscilla Chan. Anyone looking for an official acknowledgment from the Facebook team regarding the IPO will have to turn to the company’s chief operating officer, Sheryl Sandberg. During a recent speech to students at Harvard Business School, she poked fun at matters by saying, “I wish for you four things. First, that you keep in touch via Facebook (NASDAQ:FB). This is critical to your future success. And we’re public now so can you click on an ad or two while you’re there?” The other three wishes involved real advice on truth and accomplishments.
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