First, I am not a stock market maven. I don’t own a single share of any technology stock. So, when I say only an idiot would buy into Facebook’s $104-billion IPO tomorrow keep that in mind. On the other hand, I’ve been covering technology and the business of technology for closing in on 30-years and when something starts to smell as badly as the Facebook IPO does, I think I can tell when a stinker is a stinker. And, folks, Facebook smells to the high heavens.
First, take a long hard look at the Facebook IPO’s S1. One of the things I’ve learned along my way is how to read SEC reports. The risk factors in Facebook’s S1 both in dependence and growth are downright scary.
It’s a long, long list, but one that really caught my attention was number 22: 22.”Our CEO has control over key decision making as a result of his control of a majority of our voting stock.” That means Mark “Mr. Hoodie” Zuckerberg is going to large and in charge of Facebook. No stockholders, no board can stop him from doing whatever he wants with Facebook.