Mark Zuckerberg, the creator and CEO of Facebook, has never been an easy guy to like. The 28-year-old social-media magnate comes across as distant and unfeeling and is prone to awkward pauses. He’s no friend of privacy advocates, who fret about the vast sea of personal information that more than a billion Facebook users have uploaded, and is criticized by users themselves for changing the rules about how data is shared. Zuckerberg was even accused of stealing the Facebook concept itself, as anyone who watched the 2010 film The Social Network knows.
So it comes as little surprise that Zuckerberg would irritate investors, too. Facebook’s initial public offering this spring was not only billed as the biggest tech IPO since Google’s in 2004, but stood as a testament to how much social media has changed (some might say invaded) our lives. It was also viewed as a test of Wall Street’s ability to create and spread around massive amounts of wealth. Some even argued that, by convincing ordinary investors to put money back into the stock market, Facebook and its hoodie-clad creator could revive the ailing U.S. economy.
The result, given the hype, wasn’t pretty. On May 18, Facebook’s stock began trading at the IPO’s offer price of $38. A few minutes later it climbed above $40 as the masses rushed in, and then promptly sank like a stone—with an anchor tied to it. The shares eventually bottomed out at around $17.55 about three months later, wiping out more than $50 billion in value.