Lawsuit Could Wipe Out Facebook IPO Windfall

...but bids in Germany have hit $74 a share
By Kevin Spak,  Newser Staff
Posted May 18, 2012 10:13 AM CDT
Lawsuit Could Wipe Out Facebook IPO Windfall
Facebook founder Mark Zuckerberg is seen on a screen in Times Square moments after he rang the Opening Bell for the Nasdaq stock market board from Menlo Park on May 18, 2012.   (Getty Images)

By the time you read this, Facebook shares will likely have begun trading (or not). But the hoopla around the IPO was slightly dampened today, thanks to a mammoth class-action privacy lawsuit filed against it. The case combines 21 separate suits accusing Facebook of tracking users even when they weren't logged in, the Telegraph reports. They're looking for $15 billion—almost enough to wipe out the $16 billion Facebook stands to take in today.

In other IPO news:

  • Mark Zuckerberg rang the opening bell this morning, in a remote ceremony from Facebook's Menlo Park campus, VentureBeat reports. The best part? The button he pushed was rigged so that ringing the bell would publish a status update on Zuckerberg's timeline: "Mark Zuckerberg listed a company on NASDAQ. — with Chris Cox and 4 others."
  • How high will Facebook go? Well according to Joe Weisenthal of Business Insider, bids in Germany have hit $74 per share—a massive gain on the $38-per-share they've been priced at.
  • One man watching that price with great interest? Bono. The Huffington Post points out that the U2 frontman owns 2.3% of Facebook, and may, after today, be the richest musician in the world.
(More Facebook stories.)

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