Strange days indeed
“Facebook is a blue-chip stock and it’s not even public yet,” said Kevin Landis, portfolio manager for the Firsthand Technology Value Fund in San Jose, California. Facebook jumped as high as $44 this month in private trading, valuing the company at $103 billion and leaving it higher than when Landis bought stock at about $30 to $31 in October. He said he aims to add to his holdings.
While demand for the biggest Internet IPO on record may push the stock even higher when Facebook goes public, private trades through channels such as SecondMarket Inc. and SharesPost Inc. are already making it possible for employees and venture capitalists to cash out. That may have lessened pressure on Chief Executive Officer Mark Zuckerberg to hold an IPO before this year.