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stockholmer

(3,751 posts) Fri Aug 3, 2012, 12:14 PM Aug 2012

Facebook Stock Crash Hoses California's Tax Revenue

http://www.businessinsider.com/facebook-stock-crash-hoses-californias-tax-revenue-2012-8

Well, the hits from the Facebook stock implosion keep coming.

Now, it's the State of California, which apparently overestimated how much tax revenue it was going to collect from Facebook employees after the IPO. According to Bloomberg's John Erlichman, California is now saying its "tax revenue is at risk" because it assumed it would get $1.9 billion from newly enriched Facebook employees.

But now those Facebook employees are only going to get about half as rich as they would have if the stock were still trading at the IPO price. And that means that California--and the Federal government--are likely to collect only about half as much Facebook-related tax revenue as they thought.

WATCH: Why The Idea That Facebook Could Be The Next Google Is Now Laughable

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7 replies

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Facebook Stock Crash Hoses California's Tax Revenue (Original Post) stockholmer Aug 2012 OP

"Why The Idea That Facebook Could Be The Next Google Is Now Laughable." Was it ever not laughable? TheManInTheMac Aug 2012 #1

I'd say that my FB activity is around 15% of what it was a year ago, I mean all my friends, too. progressivebydesign Aug 2012 #2

When you ass/u/me nichomachus Aug 2012 #3

Granny always said "never count your chickens 'til the eggs hatch" SoCalDem Aug 2012 #4

Wow, who could POSSIBLY have seen that coming?!?!?! slackmaster Aug 2012 #5

This will be just one way blame will be diverted. nt NCTraveler Aug 2012 #6

How could they calculate this?? It's all dependent on when/if they sell. cbdo2007 Aug 2012 #7

TheManInTheMac

(985 posts)

1. "Why The Idea That Facebook Could Be The Next Google Is Now Laughable." Was it ever not laughable?

Reply to stockholmer (Original post)

Fri Aug 3, 2012, 12:16 PM

Aug 2012

progressivebydesign

(19,458 posts)

2. I'd say that my FB activity is around 15% of what it was a year ago, I mean all my friends, too.

Reply to stockholmer (Original post)

Fri Aug 3, 2012, 12:21 PM

Aug 2012

Has anyone noticed? FB is getting rather Myspace-like this year. No one is really dong much anymore. We do the birthday thing, and I use it more as a chat thing for my family. But people don't post much.. don't even bother to comment much anymore. They can barely hit the 'like' button now.

Wondering what the next big thing will be. Maybe LIFE. Maybe people are rediscovering real life again, now that the economy has been improving, and people can be out more.

nichomachus

(12,754 posts)

3. When you ass/u/me

Reply to stockholmer (Original post)

Fri Aug 3, 2012, 12:21 PM

Aug 2012

You make an ass out of u and me.

SoCalDem

(103,856 posts)

4. Granny always said "never count your chickens 'til the eggs hatch"

Reply to stockholmer (Original post)

Fri Aug 3, 2012, 12:36 PM

Aug 2012

The whole FB thing is overrated..

slackmaster

(60,567 posts)

5. Wow, who could POSSIBLY have seen that coming?!?!?!

Reply to stockholmer (Original post)

Fri Aug 3, 2012, 12:37 PM

Aug 2012

The people running my state are fucking morons.

NCTraveler

(30,481 posts)

6. This will be just one way blame will be diverted. nt

Reply to stockholmer (Original post)

Fri Aug 3, 2012, 12:40 PM

Aug 2012

cbdo2007

(9,213 posts)

7. How could they calculate this?? It's all dependent on when/if they sell.

Reply to stockholmer (Original post)

Fri Aug 3, 2012, 12:40 PM

Aug 2012

If they sold when it was $40 (the smart move) then they would still get just as much as suspected.

If they don't sell, the state wouldn't have gotten any money anyways.

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