Facebook CEO skips out on Wall Street
Zuckerberg keeps a low profile in analyst meetings leading up to the company's IPO.
In Mark Zuckerberg's case, the answer is no. The CEO and co-founder of Facebook is staying away from key meetings with Wall Street investors, preferring to run the company instead.
Facebook is looking to raise $5 billion in the initial public offering, which could happen in May, Reuters reports. It has hired a whopping 31 banks to work on the IPO, and Morgan Stanley (MS) won the coveted position of lead underwriter.
Normally, the CEO is a key figure in these pre-IPO meetings with investors. But so far, Zuckerberg has not shown up. The company was instead represented in a three-hour meeting last week by operating chief Sheryl Sandberg and chief financial officer David Ebersman -- two people who can easily handle any question investors throw at them. Three other executives, including the heads of the engineering and product divisions, also made an appearance, according to The Wall Street Journal.
The reason for the meeting is so analysts can ask Facebook questions they may get from large investors who want in on the IPO.
The following video has more details about the IPO.
Post continues below.
Facebook is already telling people that Zuckerberg will have a low profile leading up to the IPO, Bloomberg reported.
So the big question is whether Zuckerberg's absence will have any impact on the IPO or investors' understanding of the offering. And the answer, of course, is no.
I'm with Henry Blodget, a former Wall Street analyst, on this one. "The way to create the most long-term value is not to spend time sucking up to investors," writes Blodget on Business Insider.
If you are desperate for a successful IPO, and need to convince analysts that they really must throw money at you, then fine. The CEO must be there, and be as charming as possible.
But Facebook has this one in the bag. The IPO will be huge whether Zuckerberg shows up or not. For analysts, the financials will be out and the CFO and business chief are there to answer any and all questions.
Zuckerberg, let's face it, still practically a kid. So he wants to spend his time at the company instead? Let him. And if he bruises Wall Street's ego in the process, I suspect everyone will recover.
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F*ck Facebook - still can't believe society places so much aggregate value on mechanisms like this. Certain people, who would have absolutely NO LIFE outside FB, will defend it as a means of "connecting the world", but let's just call it what it is; a social looking-glass for individuals with no sense of creative self-worth.
People (30-35+) whom are successful, and comfortable with their REAL social lives, will agree with this comment. Younger people who LOVE reality shows and "keeping up with the Jones'" will give it a thumbs down. Just a prediction (but it's true). I've NEVER met one socially-affable, successful person over 30 who's said, "Oh, I LOVE FB". Wonder why.
You're the 27-year-old CEO of a company heading into a massive and highly anticipated... PARTY!!!
To hell with your meetings!!!
it will go just like the rest...
besides everyone was always complaining about big brother and their privacy...well duh....you just put it all out there for everyone to see....you did it....not big brother....LOL
The device I use is a telephone.
There aren't enough emoticons to express 1/10 of what I can impart in a 5 minute phone call.
Zuckerberg stuck it to the analysts. Shout out to Zuckerberg!! I wonder what he was really doing today????
people are crazy to spend thousands $ to buy facebook. facebook is ticking bomb. just like myspace. facebook is not a company, it's a trend. ask any young people, i am talking about high schooler and middle schooler. they are waiting for some other cool site to show up. and Zuck know this. he will cash in all the money and laughing at your face when the company belly up. haha....
value of facebook is depend on popularity. when all the young kid and young adult move to different site, cool factor is gone. Last time I check old people don’t create trend, trend is created by young kid or college kids. You could put bling-bling and baggy pant on old geezer but it is still old geezer.
kid create something wonderful, adult come around and take it and fu(k it up.
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