Counting Your Stock Gains Before They’ve Hatched 

Friday, August 10th, 2012

Earlier this year, California’s state government passed a budget which included nearly $2 billion dollars in tax revenue thanks to Facebook’s IPO.

Gov. Jerry Brown and state lawmakers in June approved a $91 billion budget that included $1.9 billion in expected tax revenue from Facebook employees striking it rich — a rare projection that helped stave off cuts to schools and programs for the sick, poor and disabled.

The only problem? Facebook’s stock has tanked, and thus, California’s budget is facing a very large shortfall.

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