California Budget Hurt by Facebook's Stock-Price Slump .

Wall Street Journal

Facebook Inc.'s disappointing IPO has claimed another victim: California's budget. Aides to Democratic Gov. Jerry Brown last week lowered their estimate of how much revenue the state will get from Facebook's initial public offering by nearly one-third, to $1.3 billion in the three years ending in June 2014, down from $1.9 billion. The change, included in Mr. Brown's proposed budget for the fiscal year beginning July 1, resulted from "lower than expected share prices" after Facebook's May IPO, which occurred just weeks after the state had issued its earlier estimate.

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