(WALL STREET JOURNAL) — Facebook’s IPO has set new records for wealth hyperbole.
It’s the “best investment ever!” It’s the biggest liquidity event ever! It’s about to unleash a new wealth wave in America! It’s a boon to wealth managers and Palo Alto realtors. It’s going to solve California’s budget problems, help fix our education system and feed the poor in Africa.
But the most widely repeated superlative about the Facebook IPO is that it will create “1,000 overnight millionaires.”