MIAMI (CBSMiami) – The cultural phenomenon that is Facebook is set to hit the stock market this week looking for $100 billion. But, results from a new Associated Press-CNBC poll found Americans aren’t exactly sold on investing in the social media empire.
According to the AP/CNBC poll, half of all Americans think Facebook is a passing fad. In addition, half of Americans also said the social network’s asking price is too high.
Facebook’s initial public offering of stock could be the largest Internet IPO in history. If Facebook meets the value set by Wall Street could value the company at $100 billion. That would be more than Disney, Ford, and Kraft foods.
Fifty-eight percent of those surveyed who invest in stocks said the stocks, expected to fetch $34-$38 per share, are overvalued.
Still, three out of every five Facebook users surveyed said they have little or no faith that the company will protect their personal information. Just 13 percent trust Facebook to guard their data and only 12 percent would feel safe making purchases through the site.
Wall Street may pay the most attention to one particular part of Facebook, the ad value. Facebook makes its almost all of its money by selling ads.
But according to the poll, more than 80 percent say they never click on them or on Facebook’s sponsored content.