Facebook Stock Drop 'Painful' for Workers

Mark Zuckerberg admits it's hard on employees
By Neal Colgrass,  Newser Staff
Posted Aug 18, 2012 1:48 PM CDT
Facebook Stock Drop 'Painful' for Workers
In a Monday, Nov. 7, 2011, file photo, Facebook creator Mark Zuckerberg takes questions from members of the media as a crowd looks on on the campus of Harvard University, in Cambridge, Mass.   (AP Photo/Steven Senne, File)

With investors dumping Facebook stock and analysts dumping on the company, employees are feeling the pain. In other words, their plans for a new home or car will have to be put on hold, the Los Angeles Times reports. "People made life plans and calculations," says a Silicon Valley executive. "This is very, very painful." To put that pain in numbers: Shares closed down 4% yesterday at $19.05, nearly half the initial $38 offering price.

It's affecting company morale, too. Even Mark Zuckerberg admitted to workers that the stock's downward trajectory was "painful" for them. "These are people who like to win," says a former employee. "It doesn't feel good." Over at Business Insider, Henry Blodget explains the stock devaluation to employees, noting it will probably move "sideways" for years. While it won't be the next Google, as investors had hoped, "this was the investors' fault—not yours." (More Mark Zuckerberg stories.)

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