This isn't a big deal at all - it's basically just a market order. Whoever put in that order will just get filled at the best ask price - probably around $41.
The reason being that market orders are restricted in the early going. or so I am told.
Right. There was legislation that went into effect after the Zillow IPO (I believe two months after said IPO) that restricted market orders on the first day that a stock becomes listed on an exchange.
I'm betting it was a typo of 40.00.
Definitely. Not even "putting in a large number so I'll get whatever market clearing price". At $4,000 Facebook will be worth $10T.
Now the WSJ is going all Demand Media on us with this garbage content.
Which seems more likely, that someone genuinely placed this order thinking that the trigger would actually happen, or that someone planted this story to get their name in the press? Notice how it's according to a specific, and named, director at a specific company.