Facebook: 2012 Titanic

22 05 2012

Alright guys, here’s my latest update on Facebook. Today I sold the stocks I bought at $42.00 for $34.00 and took a loss. I’m glad I sold when I did because the shares continued to drop and closed at $31.00.  Now I’m reading that Facebook will end on July 15, 2012, this sounds like a rumour, but if it’s true, then it’s a good time to save pictures. Here is the link to the end of Facebook story. http://weeklyworldnews.com/headlines/27321/facebook-will-end-on-july-15th/ Not to mention the lawsuit Facebook faces. Could it get worse?

For now, Facebook is the 2012 Titanic: a sinking ship. So, for me, it was time to cash out and cut the losses before losing a substantial amount. I’m not completely  saying goodbye to Facebook, it was kind of neat owning stock, and I’m prepared to buy again when the prices are cheap, and I mean cheap, cheap.

Facebook started at too high of a price initially for a company new to the stock market. All that is relative though, high numbers can climb higher, even so, a lower price might not have brought the ship down. There’s tons of speculation, all the should have, could have, might have been’s…. What we are certain about is that the shares went down instead of the anticipated up.  Something went wrong. Even worse, the timing of the lawsuit couldn’t be worse. Understandably, if the company operates anything like Zukerberg’s surprise wedding, anything can happen! Surprise, you’re broke!