Facebook IPO spin war

From NY Magazine:

An IPO as massive as Facebook’s — expected to raise over $10 billion and value the social media company at around $100 billion — means lots of rich, rich investors want to douse the hype and lower the price while lots of rich, rich bankers (working for Facebook) want to hype the hype and push the stock price every higher. Add business reporters and you’ve got yourself an IPO spin war.

On the investor side of things, there’s Bloomberg, which reported yesterday that demand for the IPO was “weaker-than-forecast.” The news service says this is mostly because of Facebook’s Wednesday announcement that advertising growth is not keeping up with users’ mobile activity — in fact, Zuckerberg has said one of his top priorities will be improving Facebook’s mobile app. What’s more, 79 percent of 1,253 investors recently polled by Bloomberg believed Facebook didn’t deserve its top-end valuation of $96 billion.

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