Hedge Fund Star Chase Coleman's Facebook Trade Generated $1 Billion
In the last three or so years, Facebook has captured the attention of the investment world like few other companies. Even before its shares were publicly traded, investors like Goldman Sachs maneuvered to buy the stock of the social networking company in private transactions. When Facebook finally conducted one of the most hyped initial public offerings in history in May 2012, the demand from investors was so high that the company expanded the IPO and raised $16 billion. The event, however, ended in disappointment for many as the stock sunk, erasing $50 billion of market capitalization in a few months. Then, starting in September and all through the fall, Facebook’s shares staged a stunning comeback, providing an incredible return for whoever dared to buy them in the summer. Lately, the stock has been trading in the $26 range, about 26% lower than its IPO price.