When you buy your Facebook stock today, understand that Goldman is selling 1/2 of their stock in Facebook, and sit smug knowing you're smarter than Goldman
Goldman Sachs Group Inc. (GS) and funds managed by the firm will sell about $1 billion of stock in Facebook Inc. (FB)’s initial public offering, cashing out almost half their stake after the social network doubled in value.
The investment bank and its funds will sell 28.7 million of the 65.9 million shares they own, more than twice the amount initially planned, Menlo Park, California-based Facebook said yesterday in a filing. The shares are being offered in a range of $34 to $38 apiece, meaning the stock being sold in this week’s IPO is valued between $975 million and $1.09 billion.
A gain on the investment may help validate Goldman Sachs Chief Executive Officer Lloyd C. Blankfein’s business model and a January 2011 transaction that threatened to undermine efforts to improve the company’s reputation after it settled fraud claims a year earlier.
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Goldman to Cash Out $1 Billion of Facebook Holding in IPO - Bloomberg
Goldman Sachs Group Inc. (GS) and funds managed by the firm will sell about $1 billion of stock in Facebook Inc. (FB)’s initial public offering, cashing out almost half their stake after the social network doubled in value.
The investment bank and its funds will sell 28.7 million of the 65.9 million shares they own, more than twice the amount initially planned, Menlo Park, California-based Facebook said yesterday in a filing. The shares are being offered in a range of $34 to $38 apiece, meaning the stock being sold in this week’s IPO is valued between $975 million and $1.09 billion.
A gain on the investment may help validate Goldman Sachs Chief Executive Officer Lloyd C. Blankfein’s business model and a January 2011 transaction that threatened to undermine efforts to improve the company’s reputation after it settled fraud claims a year earlier.
more
Goldman to Cash Out $1 Billion of Facebook Holding in IPO - Bloomberg