As Facebook continues its search for a bottom after only eight trading days as a public company, there’s a much bigger problem than the $40 billion in market cap it has lost. The people behind Facebook’s dubious $100 billion-plus self-valuation were apparently as doubtful as the rest of us. At stake is the fate of Wall Street’s soul. To paraphrase Sir Thomas More’s line in A Man For All Seasons: “It profits a man nothing to give his soul for the whole world…” – but for Facebook?
Yahoo CEO Carol Bartz was right by the Reuters office this morning, ringing the morning bell at Nasdaq on 43rd Street and Broadway, so I ran down to catch a glimpse and lob a few questions at her. With all the buzz about Yahoo’s new marketing campaign, which is set to be unveiled tomorrow, I asked Bartz if she was excited.