The social network raised the price range in response to strong demand for its stock, and it’s possible that the stock could price even higher on Thursday.Another interesting twist on Tuesday was General Motors, who is reportedly the third-largest advertiser in the United States, has decided to halt their paid Facebook advertising.
“We regularly review our overall media spending and make adjustments as needed. This happens as a regular course of business and it’s not unusual for us to move our spending around various media outlets — especially with the growth of multiple social and digital media outlets,” a GM spokesman said Tuesday in an email statement.
According to a report from The Wall Street Journal, GM decided to pull out of the paid Facebook ad market because the company found its ads on the social network to be ineffective. The Journal, which reported that GM spent $10 million a year on paid Facebook advertising, cited unnamed sources for its information.
By August, the network is expected to sign up a billion people — one of every seven humans on the planet.Facebook is expected to execute its IPO Thursday night, with shares hitting the Nasdaq stock exchange Friday morning under the ticker symbol FB.