There very well may have been buyers on Friday who thought the stock was worth $70. If the market had been able to handle the volume, then we may very well be seeing FB at $70 today. However, since we know that the market couldn't handle the volume, it most certainly did affect the share price on Friday. Now, you let people sit and think about this over the weekend and they may have different feelings about that supposed $70 valuation.

Next, if you assume his story about selling on Monday was true, you have additional downward pressure put on FB as a result of NASDAQ itself. So much so that it closes at $34, eroding everyone's confidence in the $70 valuation that they had in their minds on Friday.

Markets only work if they operate efficiently (can handle the volume). When they don't work efficiently, they become harder to predict. And if an investor can't even be sure of what their position is, they can't participate in the market at all. It isn't at all out of the question that glitches in NASDAQ could have caused FB shares to plumet. It most certainly took away any possibility of an IPO bump.

The real question this beings up is what did NASDAQ know, and when did they know it. If they knew their system wasn't going to be able to handle the volume, as bad as that might have been for them, they should have aborted the IPO (if that's at all possible).