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The world's largest social network, with more than 1 billion active monthly users, filed its initial public offering in May for $38 a share, valuing the firm at more than $100 billion. This was the largest valuation of any newly listed public company to date. But things turned badly wrong as soon as chief executive Mark Zuckerberg hit the magic "let's go public" button at the firm's headquarters in Palo Alto.
The Nasdaq reported technical difficulties at market opening on the day Facebook went public and delayed trading by half an hour. While trading shot up to $48 a share, the closing price was only $0.23 above the IPO price. Many considered this a massive disappointment. Since then, Facebook's shares have dropped significantly to a low of $17 a share only three months after it first went public.
More than 40 lawsuits have been filed in the wake of the IPO, and the IPO is also under investigation by the U.S. Securities and Exchange Commission. The whole public offering debacle was a mess from start to finish, and frankly overhyped by the entire industry.
Apple Maps was an abysmal failure
Apple sparked a controversy when it decided to distance itself from Google in the wake of Steve Jobs' "thermonuclear war" against Android by dropping Google Maps from its iOS mobile operating system. The maker of shiny rectangles instead developed its own in-house mapping service, which after launch it was widely dubbed a massive failure.
It just didn't work. Locations were in the wrong place, companies were missing, and imaging errors turned some famous landmarks into some kind of matrix-defying hashup. Ultimately, Apple chief executive Tim Cook apologized for the screw-up and iOS chief Scott Forstall 'left' the company -- though he's still lingering around the Apple campus until next year.
BlackBerry crumbling, Nokia not far behind
Research in Motion and Nokia are both sinking, albeit slowly and still bobbing above the surface, but failure to innovate and miserable product launches have contributed to their slow downfall.
The value of RIM's shares has dropped by more than 70 percent in the past 12 months, with its market cap has tumbled from $78 billion to $6.3 billion in three years. Nokia, on the other hand, has seen its shares drop by 90 percent in five years, and its market cap has dropped from $151 billion to $11.8 billion in four years. Still, towards the end of the year, after a declining share price, things are on the up.
BlackBerry 10 devices will launch on January 30, according to RIM, but the company will miss out on the lucrative holiday season by launching later in the months after Christmas. Nokia, however, continues to decline -- and even Microsoft, the firm's partner in the Lumia space, is looking for other partners to keep Windows Phone market share momentum going.
- Read more: Who falls first: RIM or Nokia?
- ZDNet Great Debate: RIM or Nokia: Which has the better turnaround prospects?