Tuesday, August 07, 2012
Facebook and the State of Confusion
One more RANT and I will be on my way -
California took a BIG RISK. California budgeted $1.9 billion in revenues from Facebook, based on the stock price of $35 a share, but Facebook shares just about bottomed out ending Friday at $21.09 per share Friday, 45% below the initial $38 share price. (The stock was up 3.8% to $21.90 Monday.) They also were counting on another $400 million in new sales tax revenue and new tax hikes. Lets play, "Pretend."
Scrambling now because they were duped - counting their "farmville chickens before they hatched." So now, the 91.3 billion dollar state budget is at risk! Like, DUH!!! California was counting on Facebook tax revenue to make up for an expected shortfall due to other businesses leaving the state to avoid higher taxes.
I don't know how many times or how many ways I can say it, but California is in DEEP chicken doo doo.
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