The Market's Facebook Freakout

Investors’ Facebook animosity may be as irrational as their pre-IPO euphoria
Photograph by Justin Sullivan/Getty Images

It’s the dog days of summer, and Facebook’s stock price is locked in the kennel. Investors are obsessing over everything that’s wrong with the social network. Mark Zuckerberg hasn’t figured out how to make money on smartphones. Several million of its nearly 1 billion active accounts are duplicates, according to the company, and another few million may actually represent businesses or automated software bots—or even pets. Employees will soon be free to sell their shares en masse. Top executives are leaving. And on and on.

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