Im Supple was driving with his daughter Jade last autumn, when she turned to him and said, “Daddy, can we buy some of the Facebook company?”.
The excitement has drawn in fledgling stock buyers such as 11 year old Jade Supple of Rockville Centre, N.
He started putting money for her in stocks like eBay and Disney when she was a baby.
Since then, Mr Supple has been trying to find a way to take $25,000 he has saved for her college fund and purchase Facebook stock.
Although he thought Facebook was a strong investment, Mr Supple had been burned before, having lost some money in a Ponzi scheme, he says.
Two former Facebook employees were selling 70,000 shares in an auction on SharesPost Inc.
Sophisticated investors who can meet financial requirements have been able to trade limited shares of Facebook for some time on secondary markets.
“Jim, we’re gonna be honest with you, you’re not gonna get it, very rarely does it sell for the minimum,” Mr Supple says he was told by his SharesPost broker.
The broker told Mr Benrud that neither he nor the club had enough money to qualify.
Mr Supple works for a Manhattan based company called SNAP Interactive that creates a software application that allows singles to go on Facebook and find dates.
18 dinner of burgers and beer at the New York steakhouse Del Frisco’s, Mr Supple asked his boss, Cliff Lerner, what he thought about buying up Facebook in the secondary market.
“You know, there is a very high minimum to get into the secondary market,” Mr Lerner cautioned Mr Supple.
Mr Supple said he could figure out a way, between his 401K and an IRA fund and the college savings, to squeeze together the $100,000 minimum recommended by SharesPost.
Groupon’s stock is still well short of the $20 price commanded in its Initial public offering, the largest Internet debut on Wall Street since Google (GOOG) — shares were trading near $14 in after hours action Monday.
When the club next met that Wednesday, Mr Benrud faced some 10 teenagers who thought they could buy shares that day.
On April 9, just after the roadshow kicked off, Mr Supple said he was getting concerned about the frenzy and rethinking his plan to buy on the day of the Initial public offering.
Facebook chief operating officer Sheryl Sandberg and chief financial officer David Ebersman showed up, but not Mr Zuckerberg, which Mr Baggini said didn’t bother him.
Jeeuk MacGregor is a business journalist based in Busan, Korea. Jeeuk has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Jeeuk spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.