Nice day for Facebook (NASDAQ:FB) shareholders.
Facebook stock is up about 11% Wednesday, and it seems like investors have already factored in the huge lock-up expiration of 800 million shares that allows employees, investors and executives to sell their holdings.
Still, FB is getting a little blowback today.
Billionaire Mark Cuban is taking shots at the company, griping about how the social network is filtering some of his messages to the 2.3 million fans of the Mavericks’ page.
Cuban can get his updates out to all the Mavericks’ followers — if he wants to pay money for promoted posts. Wired states that Cuban would have to pay about $3,000 to get a “promoted post” to reach all the page’s followers.
Instead, Cuban is going on the offensive. He emailed ReadWrite author Dan Lyons, saying:
“We are moving far more aggressively into Twitter and reducing any and all emphasis on Facebook. We won’t abandon Facebook, we will still use it, but our priority is to add followers that our brands can reach on non-Facebook platforms first.”
Apparently Cuban thinks social media should be free, even when it’s coming from a publicly traded company.
Kind of strange coming from someone who made gobs of money off technology.
Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.