Facebook's pitch to investors to fund its initial public offering began with a rough patch, after a slick video and CEO and founder Mark Zuckerberg's appearance before New York investors in a hoodie were not well-received, according to reports.
Investors in New York City, the first stop on Facebook's coast-to-coast tour meant to cozy up with capital, were irked to be greeted by a half-hour long video, according to Reuters.
Investors wanted instead more time to quiz Zuckerberg and other company brass on business strategy.
That's what they got on the company's second stop, an investor meeting in Boston on Tuesday. The video was ditched -- as was Zuckerberg, according to reports. The reason for his absence was not revealed. In his stead, Sheryl Sandberg, the company's chief operating officer, fielded questions from some of the 200 investors present, Reuters reported.
Once Facebook does go public, shares in the company are expected to fetch $28 to $35 each, according to Reuters. That would value the company at between $77 billion and $96 billion, and raise $10.6 billion in cash via the IPO, the news service reported.
While investors liked more face time with executives and less time staring at a video, even that didn't please all: some Boston-based investors said they wanted to quiz Zuckerberg, who in New York answered questions about his $1 billion acquisition of Instagram, Reuters reported.