Outraged Facebook investors speak outMay 23, 2012: 3:31 PM ET
What was supposed to be a day of champagne popping and joy quickly turned into an investing nightmare for many individual investors.
"I invested $500,000 and put in stops at $40.25. The stops never triggered and I didn't realize until 3:30 p.m.," wrote Paul Allen (NOT Microsoft's (MSFT) co-founder). "Instead of making a small profit, I lost $40,000! I no longer trust anybody's trading platform or exchange."
Another investor, Rosanne Cohn simply said, "Please let me know what's going on."
All eyes were on the Nasdaq (NDAQ) Friday, when Facebook (FB) was expected to start trading around 11 a.m. Instead, Nasdaq experienced a series of glitches that pushed the opening trade to 11:30 a.m. That wouldn't have been so bad if investors weren't kept in the dark for hours and, in some cases days, about the status of their orders.
"Couldn't sell my 300 shares and now I am hoping too (sic) just hold it and hope for the best," wrote Joni Shields. Another small investor in Oregon said he was disappointed. "I got burned by the Facebook/Nasdaq glitch," wrote Jim Krauel of Portland. "I bought 45 shares on opening day and paid $41 bucks a share."
But there were some who were taking it in stride, even offering up creative ways to make back any lost money.
"I guess I need to take matters into my own hands Mr. Zuckerberg to teach you how to monetize FB so I can get a return on my IPO shares," wrote Al Smith Jr. "Henceforth, I'm charging $.99 for every post that people put on my FB Wall and $2 for business post that appears (because obviously, you're advertising on my Network). I'll create an App to do it, and send you my invoice at the end of the month ... now if I can just figure out how to re-enable posting on my wall."
As Nasdaq and brokerages continue to unwind this mess, it may still be several days before we know how many investors really got burned and how badly.