El Reg reports that facebook share dealing opened at $42 per share (up $4 on the opening IPO price of $38). As they wryly point out, the Telegraph reports that that price makes the company “worth” more than Boeing.
That is nonsensical beyond belief. Boeing actually make things. Big things, that other companies pay a lot of money to buy. Facebook’s sole revenue source is advertising.
A small prediction. This time next year, facebook’s shares will be trading at less than $5 each – tops.
Update – added 19 June 2012 – this Nasdaq daily quote page for Facebook may be useful.