(NEW YORK) — With Facebook set to go public Friday, some may be wondering what all the buzz is all about.
Andrew Serwer, managing editor of Fortune magazine, says the social network is more than just a fad. It’s like a utility. Almost everyone uses it, and it touches everyone in terms of social networking, which is what the phenomenon is all about.
“It’s hard to think of a company that has kind of burst on the scene more quickly, with more pizzazz, than Facebook,” Serwer said. “I mean it’s ubiquitous, it’s everywhere, and so, when you have a company like that, that’s going public, that’s growing like crazy, that’s top of mind, it’s a perfect combination.”
But Serwer says that if you’ve got high hopes of scooping up a lot of shares, forget about it. The big guys on Wall Street will be getting access to all the shares.
“Professionals — they’re getting all the shares and, to some extent, we are sharing in that because they are buying shares for pension funds and mutual funds and retirement funds. So we share in it in that way, but it’s professionals, not us, who are really getting the stock,” he said.
Amid all the excitement for social network’s upcoming IPO, here is how you might have fared with some other IPO stocks:
Copyright 2012 ABC News Radio
Debra Goldschmidt, CNN
Cristina Alesci Seth Fiegerman and Charles Riley, CNN
Sarah Anderson, Deseret News
Jeff Peterson, Deseret News