The CEO commented that he was "happy" with the IPO price. Given that CEO's generally are not happy with leaving 100% on the table, I would surmise he knows it's overvalued.
You're correct, according to Henry Blodget at Silicon Alley Insider. The CEO sold some stock last night at $45, which could have been sold for $90 this morning. http://www.businessinsider.com/linked-in-ipo-2011-5-b
Is he supposed to publicly comment that he's "disappointed" with the IPO price? I think the Youko CEO did something like that, and just embarrassed himself for being naive...