The legendary investor says that the social media company’s IPO was either set at the wrong price, or mismanaged. It closed yesterday at $30.81, well below the $38 offering price in May. But Buffett, speaking to Bloomberg TV from the Allen & Co confab in Sun Valley, also criticizes investors who expected Facebook shares to pop. “That’s a terrible reason to buy a stock,” he says. He’s warming up to tech stocks, but prefers businesses he knows. Years from now “more people will be drinking Coca-Cola… or chewing Wrigley Gum. I know that.”
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