Noting that Facebook was counting some mobile users twice, Jacobs wrote on March 22: “Please explain to us how you determined that your metrics are not overstated.”

Only eight days before the IPO, on May 9, did Facebook make clear in a filing that daily mobile customers were increasing faster than advertising growth, potentially hurting revenue and profits. It was the strongest public signal that the IPO could fall short of its high expectations.

I thought from day one that Facebook’s stock was highly over-evaluated. Now it seems they also knew it and fought to make huge money from the get go, fully realizing that the IPO price would drop afterwards. Must be nice to be an enthusiast amateur investor who bought that fast selling initial stock only to see it now at half value.