California Watches Projected Tax Revenues From Facebook IPO Sink With Stock Price
Do you remember that pot of taxation-revenue gold the state of California was expecting under the rainbow following Facebook’s initial public offering? Hold that thought.
Do you remember that pot of taxation-revenue gold the state of California was expecting under the rainbow following Facebook’s initial public offering? Hold that thought.
The state’s nonpartisan Legislative Analyst’s Office based its earlier projections on a stock price for Facebook of $42 per share, which was even more optimistic than the state Department of Finance’s projection of $35 apiece, according to a report in The Sacramento Bee.
The social network’s shares have sputtered, however, trading at around $20.27
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