The Facebook initial public offering was not the failure
it’s been made out to be, Barry Diller, chairman of IAC/Interactive told CNBC’s
“Squawk Box” on Tuesday. Diller said it made sense for Facebook to get as high
a price for the stock as possible.
“If you're going to sell stock and somebody wants to buy it
at a price and that price is not a price you dictate, but demand dictates, sell
it to them now,” he said of Facebook’s $38 offering price.
Diller said that most of the investors who bought at the IPO
were probably speculating and not in the stock for the long-term. “In which
case, they deserve whatever they get, good or bad,” he said. Facebook now needs
to focus on future growth, Diller said, adding that Mark Zuckerberg is only
running the company for the long-term.,,,
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