3. Facebook IPO
Facebook is the social networking site that nearly everyone is into. Facebook held its initial public offering (IPO) on May 18, 2012 and was the biggest in the history of the Internet, with a peak capitalization of $104 BILLION.
People who held Facebook stock became millionaires overnight. There was a huge frenzy in the industry.
Facebook’s share value fell dramatically over the subsequent trading days, losing nearly 50% of its value down to $20 per share. Bloomberg estimates that investors have lost over $630 million on Facebook since the IPO. Shareholders accused the head of Facebook, Mark Zuckerberg, of withholding crucial information about its finances, which led to more than 40 lawsuits, including a class-action lawsuit.
2. iPhone removes Google Maps
Apple’s iPhone 5 was released to much fanfare, but there was a huge fallout, even from Apple fanboys as they discovered that the once useful Google Maps (and other Google properties) were removed from the device.
Apple must have felt strongly about their new maps service, as they were willing to break a contract with Google that still had a year left on it. As technology has evolved, other map solutions (such as those on Android devices) offered turn by turn directions.
For whatever reason, Apple’s new map system just wasn’t complete, to the point of being horribly broken. iPhone users were forced to use a different map application or use Google Maps through a regular web browser.
This major Turkey left Apple open to ridicule, and tried to force the Scott Forstall, the executive in charge of the product, to apologize to the world. Scott refused, and was ultimately fired.
On the next page we reveal the biggest tech blunder of 2012…
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