Facebook Faceoff

Sean Parker on Facebook IP Uh Oh: ‘There Was Too Much Speculative Interest in The Company’

Mr. Parker (Photo: CNN)

CNN’s Laurie Segall managed to sneak in a question about Facebook’s IPO debacle by Sean Parker during a promotional tour for his new startup Airtime. “Somehow I knew I was going to get this question,” Mr. Parker winced, holding his head in his hands. But the former Facebook president quickly rebounded, blaming the hype and then the media for the stock’s volatile performance.

“It was sort of a relief in a way,” he said. “We knew that that speculative interest was not going to go in a good direction. It never ends well. whenever there’s something that’s so hotly anticipated and so speculative.┬áThe thing that was unexpected was how quickly the media turned on it and therefore short circuited the retail investor and their speculation.”

It seems more than a little disingenuous for Mr. Parker to scapegoat speculators when Facebook decided to both price shares higher than expected and increase the number of shares offered by more than 25 percent. Read More