1) where they ring the opening bell, and
2) the size of the listing fee (Nasdaq is cheaper)
What does matter are the co-branding opportunities, and it here it gets down to a simple issue: what are you offering in the way of a partnership?
It's not hard to imagine the pitch: the NYSE would certainly have argued that they have broader business-to-business connections with the biggest companies in the world, whom they can partner with to expand the brand name and co-venture with.
I have mentioned before that, as an example, if Groupon (which listed on Nasdaq) was doing something with Starbucks, Groupon might send out 65 million emails that references a deal with Starbucks and Groupon, with the solicitation noting that Groupon is listed on Nasdaq. Nasdaq will pick up a portion of that cost.
Zillow, to take another company (also on Nasdaq), might have been very interested that Nasdaq has an enormous electronic sign in Times Square that is a virtual billboard for a company that wants to attract eyeballs to its website.
Get it? What can you offer us? And just what did Nasdaq offer to Facebook?
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