Wow, what another crummy week for the social media master Facebook.
Yesterday, the New York Times reported that Facebook stock hit a new low, much like your drunk, shirtless Uncle Jimmy at the 4th of July barbecue when he attempted to light fireworks from a lit cigarette in his mouth. OK, maybe not that low, but low low. It’s Friday, let’s have some fun with this.
Apparently, the drop came from the day-after effects of early investors being able to sell their shares. Facebook shares sunk even more on Friday, down more than four percent to $19.05, about half of the company’s $38 opening IPO price.
And, as the largest number of shares are coming on the market in November, the Times speculated that Facebook stock could continue to decline. The tech press is having a field day with stock drop with The Los Angeles Times asking: Is Mark Zuckerberg in over his hoodie as Facebook CEO?
Industry watchers are attributing the continued drop to Facebook problems aplenty: The poor opening day, slowing sales growth, and the fact that the company has to convince Wall Street, investors and other advertisers that its archive of data can be monetized.
Speaking of all that potentially worthless (Or is it priceless? Like licks to a Tootsie Pop, the world may never know…) data that Facebook has, the company is in the process of building a supersecret lair, er, storage facility in Prineville, Oregon. The facility is dubbed “Sub-Zero” by Facebook employees, but not officially, as there is already some fridge company using that name, as we learned from Wired.
The much smaller 62,000 square-foot building will sit beside another 330,000 square-foot data center, its second data center in Prineville. It’s going to house a very energy-efficient, deep-storage, back-up device that Facebook engineers have six to nine months to create. Apple also has a 500,000 square foot data center in Prineville.
Doesn’t Prineville just sound like it rocks? I bet Uncle Jimmy would love it.