Facebook is in talks with the New York Stock Exchange to move its stock from the NASDAQ Stock Market after a botched initial public offering on Friday, according to a person familiar with the matter. Facebook has exchanged phone calls and emails with the NYSE and are considering their pitch, the source said without elaborating on specifics. The exact details of the NYSE’s pitch to Facebook could not immediately be learned. Bloomberg cited a source as saying the proposal involved Facebook switching its listing from the Nasdaq, but the NYSE denied having such discussions with the company.
“There have been no discussions with Facebook regarding switching their listing in light of the events of the last week, nor do we think a discussion along those lines would be appropriate at this time,” the U.S. exchange said in a statement.
The social networking site and the banks that took it public, including Morgan Stanley (MS), face questions over a $16 billion IPO that culminated in a Nasdaq debut plagued by technical glitches. The May 18th debut was pushed back half an hour and later led to delays in order confirmations, frustrating and bringing about a series of lawsuits from investors.
Tensions have arisen between Facebook and the Nasdaq – the preferred home for most technology companies – since the troubled Friday opening. Analysts say the NYSE could take advantage of the botched coming-out party as it battles the tech-laden Nasdaq for high-profile IPOs.
Facebook (FB : NASDAQ : US$32.51), Net Change: 0.51, % Change: 1.59%, Volume: 42,958,788