Thursday, 13 June 2013
Facebook CEO Mark Zuckerberg Fails to console Share holders
Mark Zuckerberg brought scant comfort to investors at Facebook’s first shareholders’ meeting since an initial public offering last year, with the CEO expressing his “disappointment” at the social network’s performance.
Zuckerberg said, “Unfortunately we don’t really have control over what the share price is, especially in the short term,” adding, “We’ve all been disappointed,” the Financial Times reported.....................
Zuckerberg, who has presided over a 37 per cent decline in the stock since its debut at $38, said he believed Facebook was on the right path toward long-term success, even though he was disappointed with its performance on Wall Street.
In what he acknowledged had become a “theme” of the meeting, several Facebook shareholders complained during the question-and-answer session about how they had suffered from the stock’s decline. They shared personal anecdotes about buying the stock with high hopes and sought guidance on whether they might ever recoup their losses.
Facebook, which boasts about 1.1 billion users, became the first US company to debut on stock markets with a value of more than $100bn. But aside from on its first day, its shares have never traded above their offering price.
The company has scrambled to address one of the main concerns weighing on the stock price, by developing mobile ads better suited to small smartphone screens that users increasingly use to access the service.
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