Tech Takeover: How Social Media Fares on Wall Street
When the online gaming publisher Zynga went public in 2011, there were no Facebook or Twitter IPOs to compete with. Then Facebook made its NYSE debut and Zynga shares began to fall in the moments before Facebook shares began trading — a standard NASDAQ procedure for any stock that moves 10 percent or more in a five-minute period. Shares were only supposed to be frozen for five minutes, but Zynga shares were frozen for 50 minutes. Zynga continues to do poorly; it closed on Nov. 8 at $3.46.