Nasdaq 'embarrassed' at Facebook delay

By Associated Press | Updated: 5 June 2012 00:28 IST

Highlights

Facebook's stock was expected to start trading at 11 a.m. but didn't open until 11:32 a.m., and some investors didn't learn for hours whether their orders went through.

The CEO of the Nasdaq stock exchange says it is "humbly embarrassed" by its bungling of Facebook's hugely anticipated debut as a public company on Friday.

Robert Greifeld tells news media there's no indication the delay contributed to the underwhelming performance of Facebook's stock, which ended at $38.23 - 23 cents above where it began.

Facebook's stock was expected to start trading at 11 a.m. but didn't open until 11:32 a.m., and some investors didn't learn for hours whether their orders went through.

Greifeld called the social network's first day of trading "successful." He said late order cancellations caused a glitch, according to reports published Sunday. He said Nasdaq's board met Saturday and plans to change its IPO auction process.

The Securities and Exchange Commission has said it is investigating.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Facebook, Nasdaq, Robert Greifeld

Nasdaq 'embarrassed' at Facebook delay

Related Stories