Ok. Apparently, Facebook employees are "freaking out" (in the words of an acquaintance, who is one such employee) over the upcoming IPO. "Freaking out" over the amount of money they (allegedly) stand to make. "Freaking out" over the six month lockup period that prevents them from unloading any of the stock until six months after the IPO. "Freaking out" over whether or not to sell some (or all) of their stock right now on the secondary market. Here's my theory. My theory is they're getting setup by the big boyz. Here's why: 1) According to NYT, FB shares will debut at $53, giving the company a book value of $100b. This is full valuation. It suggests that VC investors demanded full value for their shares because they think FB growth (FB already reaches half of the world's internet users -- arguably the half with money) has peaked, but that they believe there will be ample retail demand for fully-valued FB shares due to the understandable hype surrounding the company and its stock. The stage is set, in other words, for pump and dump. 2) FB shares have been selling most recently on the secondary market for a little less than $32. My guess: Institutions are willing to purchase employees' shares now with the knowledge that they'll be able to unload in May for a 50% (or better) markup. Those employees who do hang onto their shares will have to wait until after the election(!) to sell, at which point the market will likely be in the dumper...along with their $5/share FB stock. At which point the cycle will begin anew. Thoughts, anyone?