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In reply to the discussion: Facebook's Zuckerberg, Thiel sell shares [View all]KurtNYC
(14,549 posts)And he is being sued. Facebook set the price and Zuck is CEO.
It wasn't Zuck that was duped. It was retail investors who believed crap like what is in this article from last Friday:
"Analysts were divided on how high the price might go on the first day of trade, with some expecting a relatively modest gain of 10 per cent to 20 per cent while others said anything short of a 50 per cent jump would be disappointing."
http://articles.economictimes.indiatimes.com/2012-05-18/news/31765580_1_mark-zuckerberg-facebook-shares-facebook-s-ipo
Zuck up'd the price and offered more shares likely because they knew it would fall out after Friday. Like gym memberships that seeks to get a big payment up front because they know that few will stick around and pay monthly. They up their lump. They pumped and they dumped.