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The New Reality of Technology Powerhouses

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Description
FBN’s Gerri Willis on Facebook’s huge valuation with only about 3,200 employees.
Duration 1:15
Date May 18, 2012

This transcript is automatically generated

-- Willis what our ride in the stock market today.

CEO FaceBook CEO that is Mark Zuckerberg remotely ring the NASDAQ opening bell in Menlo Park today.

Celebrating the historic launch of his company's IPO.

After an -- opening pop up 10%.

The share settled back to just -- -- -- three cents above the original price of 38 bucks.

Now look I'm no fan of IP get IPOs that is all too often the offer price is unavailable to you -- -- and the big opening it opening day pop.

Go straight to the pockets of the insiders but today the underwriters really nailed the price point and fine -- the supply of available shares.

And now Mark Zuckerberg is even richer just over nineteen billion dollars he created.

An incredibly popular product then I he deserves to profit from it.

But his success is forcing all of us to confront the new reality of technological power houses.

Facebook's valued -- over a hundred billion dollars but they only have 3200.

Employees.

Compared to a traditional company like Bank of America.

Practically the same market cap and nearly 300000 employees at the bank the did digital revolution is changing the world.

But with unemployment over 8% for years now the danger is the American worker could be left behind.