(NEW YORK) — Just about everyone is excited about Facebook’s initial public offering scheduled for Friday that could value the social networking site at a whopping $105 billion.
Somehow, that doesn’t impress the folks at General Motors, who pulled all its advertising off of Facebook.
While the $10 million GM spends annually on Facebook might seem like a drop in the bucket compared to what analysts say the company is worth, it could convince at least a few potential investors that Mark Zuckerberg’s empire may be built on sand.
GM, which already spends $4 billion annually on worldwide advertising, says research found that its ads on Facebook just weren’t effective.
The world’s largest automaker says it will retain a presence on Facebook on the so-called fan pages.
Copyright 2012 ABC News Radio
Cristina Alesci Seth Fiegerman and Charles Riley, CNN
Aaron Smith, CNN
Stephan Rockefeller, EastIdahoNews.com