RALEIGH, N.C. – Current and retired state employees want the North Carolina treasurer to answer questions about why the state's pension fund used a firm that invested in Facebook stock.
The News & Observer of Raleigh reports the 618,000 shares the state currently has in the social media company are worth just half of the $38 per share paid for after Facebook stock was first sold to the public in May.
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A spokeswoman for State Treasurer Janet Cowell says the Facebook stock was an ordinary investment and made up less than a tenth of 1 percent of the pension fund's global stock portfolio.
Cowell's Republican opponent in November also wants answers. Certified public accountant Steve Royal says a company like Facebook isn't an appropriate investment for a state pension fund.
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