# A friend and editor of Paradigm Press’s Million Mission, Davis Wilson, wrote a piece on the Facebook IPO I read with a potent mix of nostalgia and.

*fintech · news · 2026-04-09 · The Daily Reckoning*

## Key points

- Facebook quietly lowered revenue projections to Morgan Stanley before its IPO, but not to retail investors.
- Morgan Stanley's institutional clients received advance notice of Facebook's revenue cut, creating information asymmetry.
- Goldman Sachs avoided reputational damage by not leading Facebook's IPO, which was mishandled by Morgan Stanley.
- Facebook's IPO buyers suffered losses, while Zuckerberg only needed one more equity offering after the IPO.
- SpaceX's rumored IPO may be priced at a price-to-sales ratio near 100, raising valuation concerns.

**Companies:** Goldman Sachs, Morgan Stanley, JP Morgan, Facebook
**Countries:** United States, Singapore, United Kingdom

[Read the full story on The Daily Reckoning](https://dailyreckoning.com/will-the-spacex-ipo-zuck-early-buyers/)

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