According to CNBC, UBS bought 40 million shares of Facebook, instead of their desired 1 million allocation, due to lack of reporting from Nasdaq. Some jackass trader kept putting in the order, until it reached an absurd 40 million shares.
After finding out how stupid they are, the began to sell. Rumor has it they sold most of their stock under $30, thereby booking a monstrous $350 million loss on the debacle.
UBS is preparing to sue Nasdaq for damages.
5 Responses to FLASH: UBS TOOK $350 MILLION LOSS ON FACEBOOK DEBACLE $UBS, $FB, $NDAQ
Even if it wasn’t entirely the trader’s fault, that’s what I call a career-limiting move.
Not entirely his fault? Would you press the button 40 fucking times?
No bonus for that guy
What a moron. You would think after the second, maybe third time dude would slow the fuck down and figure out what was going on. No, this dumbass puts in his order 40 fucking times? I call bullshit.
LULZ, when those finish hitting the market watch out shorts riding the fuckbook to zero.