A week ago SecondMarket failed to clear any shares in its 43rd weekly Facebook secondary market auction. It was the first time that no shares at all were bought or sold.
This week, same thing. The weighted average offer and bid prices converged somewhat, but not nearly enough. Last week the weighted average offer price was $33.91 – this week it was $32.42. Last week’s weighted average bid price was $28.15 – this week it drifted up to $28.47. At $30, Facebook would be roughly valued at $75 billion. Trades were happening in that range back in January of this year.
Buyers clearly want a lower price. And sellers for now aren’t willing to give it.
As a point of reference, about 130,000 shares (about $3.9 million) cleared in the auction two weeks ago on October 7, 2011, and 50,000 shares clear the week before that.