Twitter predicts Facebook's first closing day price
Early crowdsourced prediction puts end of day price for Facebook at $54. So the shares have a ways to go yet.
Eric MackContributing Editor
Eric Mack has been a CNET contributor since 2011. Eric and his family live 100% energy and water independent on his off-grid compound in the New Mexico desert. Eric uses his passion for writing about energy, renewables, science and climate to bring educational content to life on topics around the solar panel and deregulated energy industries. Eric helps consumers by demystifying solar, battery, renewable energy, energy choice concepts, and also reviews solar installers. Previously, Eric covered space, science, climate change and all things futuristic. His encrypted email for tips is firstname.lastname@example.org.
ExpertiseSolar, solar storage, space, science, climate change, deregulated energy, DIY solar panels, DIY off-grid life projects. CNET's "Living off the Grid" series. https://www.cnet.com/feature/home/energy-and-utilities/living-off-the-grid/Credentials
Finalist for the Nesta Tipping Point prize and a degree in broadcast journalism from the University of Missouri-Columbia.
The Facebook IPO is off and running on the NASDAQ exchange. When the social network's stock started trading under the ticker symbol FB just around 11:30 a.m. Eastern today, the first trades of the new stock came across at $42. About the same time, the crowd of prognosticators on Twitter were predicting the stock would end the day at $54.
As Facebook began trading, Proud's site was predicting an average closing price of $54, based on 2,251 predictions on Twitter. At that price, Facebook would have a total market valuation of $148 billion. That would be a nice one-day bump of $44 billion from the announced opening price of $38 a share.
Among some of the notable predictions: Sacca himself predicts a closing price of $56, while John Perry Barlow of Grateful Dead and Electronic Frontier Foundation fame predicts the stock will close at a paltry $32. Ouch.
Within minutes of the start of trading, the price of Facebook began to fall. We shall see if the optimism of the Twitter crowd plays out or not over the next few hours.