Facebook's Summer of Fail

Mike Elgan August 6, 2012
Facebook's Summer of Fail
The social networking sites' woes started with its IPO and have continued ever since.

Remember when Facebook was the company that could do no wrong? When all the attention and traffic and users were headed in droves to it? When founder and CEO Mark Zuckerberg was anointed as the new Steve Jobs?

Neither do I.

Facebook's Summer of Fail has shortened memories about the good times for Facebook, and focused attention on an uncertain future.

Facebook's IP Ohhh!

It all started with Facebook's clumsy attempt to become a public company.

Hoodiegate, as they called Zuckerberg's "road show," in which some investors concluded that the CEO was too arrogant to be trusted, got Facebook's long-anticipated IPO off to a bad start.

The May 18 IPO itself was a train wreck.

Since then, Facebook's stock price has dropped to nearly half, and investors are not optimistic about the company's financial future.

TIME Magazine is asking if it's time for Zuckerberg to resign. (As if losing more than $7 billion in personal net worth wasn't punishment enough.)

But the IPO and subsequent stock declines were just a prelude to Facebook's Summer of Fail.

Source: Computerworld (US)