$350 million in Facebook losses?
UBS is reportedly sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result.
UBS is reportedly sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result.
UPDATED聽3:50PM: None of us can figure out the $350 million loss estimate could possibly be true if UBS was only trading 1 million shares on day one and the stock had a 4 point range (42 to 38).聽聽Felix Salmon听补苍诲聽Kid Dynamite聽are both scratching their heads.
Original post below...
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The furor over Nasdaq's handling of the Facebook IPO simply will not abate, firms that have lost big continue to come out of the woodwork.
Maria Bartiromo at CNBC broke this startling UBS thing yesterday, I had a call-in to her show at 4pm to discuss it live on the air.
Shares of both UBS ($UBS) and Nasdaq ($NDAQ) are flirting with multi-year lows here as no one wants to own them anyway, even prior to this debacle.
My "all-time low" theory grows more compelling by the day.