It was meant to be the launch party for the social networking boom. But Jeff Sica knew something was not right.
A few days before Facebook’s initial public offering on May 17, his broker contacts at some of the big banks underwriting the deal had called with surprising news: the New Jersey financial adviser could have as many shares as he wanted.
Nearly all of Mr Sica’s hundreds of clients had been pestering him about the best ways to buy as much Facebook stock as they could, leading him to believe clients everywhere were doing the same. He had assumed it would be a rare commodity.
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