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As Facebook prepares to go public next week, 27-year-old Facebook founder Mark Zuckerberg is being criticized for wearing his signature hoodie on his roadshow this week to pitch Facebook stock to potential buyers.
Securities analyst Michael Pachter, who was the first to issue a “buy” recommendation on Facebook stock, told Bloomberg Television that the hoodie is a sign of immaturity and a lack of seriousness about the company’s initial public offering which doesn’t say much for Zuckerberg as a CEO.
But Business Insider CEO Henry Blodget says Patcher is selling Zuckerberg short.
He says Facebook shares are a great buy for people who believe in Zuckerberg and the social mission he has outlined for Facebook. But he warns short term investors, who might just be looking for a quick financial return, to be wary of putting their money with Zuckerberg.
“To him, Facebook’s social mission is more important than the company’s business,” Blodget said. “And on Wall Street that is heresy.”
Blodget adds, “In many cases I expect Mark Zuckerberg will make decisions that will hurt the stock price and will hurt the company’s financial performance in the short term in order to hopefully create a more powerful product over the long term. And you have to be willing to make that trade-off.”
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