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????第三，谷歌高管中至少有五人在上市時出售了股份，他們是：首席執行官埃里克?施密特，聯合創始人謝爾蓋?布林和拉里?佩奇，銷售總裁奧米德?柯德斯塔尼和技術總監韋恩?羅欣。而Facebook的高管中，除了馬克?扎克伯格，沒人計劃在公司上市時出售股份。

????實際上，Facebook和谷歌之間唯一的類似之處在于，它們之所以上市，都是拜一條古老的聯邦法例所賜，也就是所謂的“500股東法案”（500 shareholder rule）。它實在是有年頭了，直到上個月才把股東人數的要求提高到2,000名（但對Facebook來說，這個調整姍姍來遲，它已沒法再改弦易轍了）。

????這件事為什么至關重要？因為它能證明多數人所持的想法有誤，也就是認為這兩家公司之所以上市，是因為它們的市值已經達到了峰值。而如果Facebook的內部人真信這一套，他們為什么還攥著股份不放呢（更別提他們還留著大部分股份）？或者，為什么過去這幾年他們不在二級市場多賣掉些股票呢，這樣他們能賺到的前和上市時賺到的錢也差不多？

????說到底，這并不是說Facebook值不值800億或1,000億美元。我只是說，如果你認為股價合適，那就別被這些有關內部人拋售股票的夸大其詞的傳言給嚇跑了。

????譯者：清遠

???Third, at least five senior members of Google management sold shares at IPO: CEO Eric Schmidt, co-founders Sergey Brin and Larry Page, sales chief Omid Kordestani and head of engineering Wayne Rossing. By contrast, no senior Facebook exec except for CEO Mark Zuckerberg is offering shares at IPO.

????In fact, the only relevant similarity between Facebook and Google here is that they both went public due to an archaic federal regulation known as the "500 shareholder rule." So archaic, in fact, that it was expanded to 2,000 just last month (not quite soon enough for Facebook to reverse course).

????Why does this matter? Because it belies the notion that either company went public at what they believed to be "peak Facebook" or "peak Google." And if the company's insiders believed that to be the case, why hold onto any shares at all (let alone most of their shares)? Or why not sell more of them on the secondary markets over the past couple of years, when they could get similar value to the IPO price?

????To be clear, this isn't to say that Facebook does, or doesn't, reserve an $80 billion valuation. Or a $100 billion valuation. It's simply to say that if you believe the price is right, don't be scared off by overblown tales of insider sales.