OFFICIAL TONY POTTS!

It’s interesting and telling that one of Facebook’s earliest investors has dumped nearly all his shares the minute he had the chance.
That ‘chance’ for Peter Thiel came last Thursday when the stock ‘lock-up’ period expired. Thiel’s and other early investors’ sell-off on Thursday drove the price of the stock down to then all-time lows on Friday, below $20/share.
According to SEC docs, Thiel owned 23.5 million shares and sold 22.3 million shares. That’s 94.8% of his shares!
But FB has bigger issues. It’s app is horrific. So frustrating is it’s iPhone/iPad app, that many people rarely use it anymore, opting to use 3rd party apps.
In addition to that huge mobile snafu, many gaming companies complain FB ‘just doesn’t get’ mobile. These gaming companies, much like those frustrated iPhone/iPad app users, are going elsewhere, completely deleting the need for FB entirely.
Oh and there is more. FB acquired Instagram for $1B dollars. Today, just four months later Instagram is reported to be worth less than $800-billion.
That’s a lot of hoodies.