Nasdaq CEO Robert Greifeld has admitted to being "humbly embarrassed" over a software design error that delayed the widely anticipated trading of Facebook shares on the New York exchange on Friday.
In a press conference on Sunday, Greifeld acknowledged that last-minute order cancellations led to glitches in the listing process, slowing the IPO by thirty minutes. "This was not our finest hour", he told reporters, the day after meeting with the exchange's board to discuss the IPO.
Some traders waited more than two hours after Facebook shares began trading before discovering whether their orders had been honoured or cancelled, the Wall Street Journal reports.
Despite the initial confusion, more than 566 million shares were exchanged, setting a record for trading volume. Facebook shares closed the day at $38.23, a disappointingly narrow 0.6 per cent rise above the company's initial listing price of $38.
The offering price gave the site a $104billion valuation. Facebook stocks are down by more than two per cent in pre-market transactions at the time of writing.