The Facebook Play That Worked

JUSTIN SULLIVAN/GETTY IMAGES

In May, before Facebook went public at $38 a share, Vontobel, a Swiss bank, created a way to bet that the social network was overvalued. Vontobel sold put warrants that promised to pay cash if Facebook trades at or below $22 by March 2013. Each warrant cost €0.06 (8¢). As Facebook shares sank below $18 in September, the warrants hit €0.45, a 650 percent profit for anyone who sold. Shares are now more than $27, and the warrants are near their original price.

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