Facebook's debut was supposed to be Nasdaq’s ultimate coup.
But in the weeks since the social network’s much-ballyhooed — and ultimately botched — initial public offering , the relationship has soured.
In Facebook parlance, it’s complicated.
Executives at the Internet company are pinning much of the blame on Nasdaq , according to several people close to the company and its underwriters, who spoke on the condition of anonymity because of continuing shareholder lawsuits. Tensions remain so high that Facebook is still considering switching exchanges and is weighing the costs of such a move, these people said.
For years, the exchange, considered friendly to start-ups, was the preferred place for up-and-coming technology companies. Now, Nasdaq is trying to salvage its reputation with Facebook and the rest of Silicon Valley while also fending off the advances of its archrival, the New York Stock Exchange, which has ramped up efforts in the industry.
“Nasdaq will be wearing that albatross for quite a while,” said Lise Buyer, founder of Class V Group, an advisory firm for initial public offerings. “The errors associated with Facebook’s I.P.O. will now be part of Nasdaq’s conversations.”Page 1 of 7 | Next Page