Facebook's Horrible IPO Has Erased $50 Billion And It's This Guy's Fault, Says Sorkin (FB)

Andrew Ross Sorkin pulled out the bazooka this morning and fired it at Facebook CFO David Ebersman.
Facebook's IPO was three months ago, and the company has lost $50 billion in market value since then.
It is Ebersman 's fault, says Sorkin.
That's not a paraphrase. It's a quote. Sorkin begins his column: "It is David Ebersman’s fault. There is just no way around it."
Later he writes: "If there is one single individual more responsible than any other for the staggering mis-pricing of Facebook’s I.P.O., it is Mr. Ebersman."
Sorkin lists three miscalculations by Ebersman:
Ebersman flooded with the market with 25% more shares than planned.
He didn't understand that, during hot IPOs, investors ask for three or four times more stock than they expect to get.
He was overly concerned with avoiding an IPO pop, which would have left money on the table for Facebook.
Here's the counter-view.
Obviously Facebook's stock was way over-priced at the IPO, and the market got more shares than it wanted. But it's easy to say that now. It's hard to remember, but on May 17, lots of people thought Facebook was on its way to becoming a $200 billion company in a matter of months, weeks, days, or even hours.
Ebersman dealt with that possibility; he made sure Facebook took advantage of the upside.
And Facebook DID take advantage of the IPO. Because of the IPO, Facebook has an $8 billion credit line. It has $6 billion in the bank. Right now, the company's stock price is where no employee would have predicted three months ago, but the company itself is in fine, fighting shape.