Playing the Facebook Blame Game

Morgan Stanley is the target of anger over the disappointing IPO
Illustration by Oliver Munday and Jason Arias

The Facebook initial public offering—preceded by an epic lawsuit over ownership, an Oscar-nominated movie, a great leap forward for sweatshirts, and the constant feedback of roughly a billion customers—was always going to be more than just a financial event. It was a cultural event, too, a global party with a get-rich-quick theme. If nothing else, the poor performance of Facebook stock in the immediate aftermath of the IPO proves that on Wall Street, those who are late to the party don’t profit.

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