Farewell to my Facebook stockMay 25, 2012: 11:06 AM ET
So today's the day. We promised to sell our Facebook (FB) shares exactly one week after the company debuted on the Nasdaq and by golly, I'm gonna do it. I can't say I'm happy about it. Even buying in at $38.01, I'm going to lose money. And that's a shame, since we were going to donate any proceeds to CNN Heroes Top 10 nominee The Time is Now to Help. Maybe Mark Zuckerberg will step up to the plate and make a donation on our behalf? Anyway, it's just a little after 8 a.m., so here goes nothing.
It's bizarre that it feels almost scarier selling than buying. Maybe that's because I keep thinking if I only hold onto it just a teeny tiny while longer, I'll manage to eke out a profit. But that kind of thinking could make me bankrupt. Ok, I digress.
It's surprisingly simple to place my sell orders for the 2 shares I bought just a week ago. Wow, what a difference a week makes though, when you think about all the fallout from Nasdaq's (NDAQ) "glitch" that has outraged many an investor, in my opinion, rightfully so.
I don't have the option to say sell immediately because the market is still closed so I choose Market, which keeps the order open all day. But I'm not overly concerned about it not selling, which, maybe I should be, given what happened on opening day. In any case, my order is in, the experiment was fun and educational...who could ask for more?
Of course, looking at Facebook's opening price, I have already lost 13%. At 9:30:04 a.m., I got my E*Trade confirmation.