I imagine many of those trying to sell at 42

were small fish in the Facebook development team who were trying to cash out on their deferred earnings. So they didn't exactly buy them in the way you are implying. I'll grant them some leeway and say the exchange owes them.

If we're talking about Morgan Stanley, any of the other IPO partners, or speculators who got special deals to assist with the IPO, I'm with you.