[yellowstuff]

FB stock falling was actually a big embarrassment for both the company and the banks that ran the IPO. At best Zuckerberg had mixed feelings about selling at the (temporary) top of the market.

But my point was more that the institutional investors want a low IPO price and have the power to make an IPO fail if they don't get it, the banks running the IPO want a low price to make the investors happy, and the founders selling into an IPO have the least power and also have mixed incentives about the price.