The Drudge Report may have said it best Friday : "Zucked up"! That's the week that was for Facebook.
Its stock price slipped again today, down 15% from its IPO exactly a week ago. The botched IPO has not only cost stockholders, it's also costing Wall Street.That brings us to tonight's number: 120 million. That's the combined estimated losses of four firms that execute trades on behalf of buyers and sellers. The losses all stem from Nasdaq's problems with getting orders through its system shortly after the stock started trading last Friday.
Knight Capital, a major trader on Facebook's opening days, estimates its losses between $30 million and $35 million. Citadel Securities' losses were in the same range. UBS lost about $30 million and Citigroup about $20 million, according to news reports.
Needless to say it's been a tough week for Facebook and friends who, on this holiday weekend, may be feeling a little "zucked."