Last-Minute Investors Shut Out Of Facebook IPO
He (or she) who hesitates is lost when it comes to purchasing shares in Facebook’s initial public offering Friday, as several brokers have reportedly stopped accepting orders for the long-awaited stock.
He (or she) who hesitates is lost when it comes to purchasing shares in Facebook’s initial public offering Friday, as several brokers have reportedly stopped accepting orders for the long-awaited stock.
Reuters reports that Wells Fargo Advisors cut off orders as of 4 p.m. today, joining the following brokerages that did the same after the close of trading yesterday:
- TD Ameritrade
- Fidelity Investments
- Morgan Stanley
- E*Trade Financial
Morgan Stanley told advisers that it would put a cap of 500 Facebook shares on each client, according to Reuters, and one adviser told Reuters of having less than two days to contact clients and file “extensive paperwork,” adding, “It was a mad scramble.”
And Fidelity Spokesman Stephen Austin told Reuters, “The demand from customers is high.”
Readers: Were you or anyone you know shut out of trying to buy Facebook shares?
Image courtesy of Shutterstock.
