Facebook's share price has dropped about 27 per cent from its original IPO price of US$38 ($50). While this is painful news for Facebook investors, it is good news for the patrons of the Bull & Bear Steakhouse in New York's Waldorf-Astoria Hotel.
The bar, which is decked out with its own stock ticker, is offering a special discount on cocktails all through the northern summer, tied to Facebook stock's daily performance.
The discount requires a minimum 1 per cent drop in share price and is capped at 5 per cent. For example, a 1.25 per cent drop in stock that day means a US$1.25 discount on cocktails that evening. The promotion applies to cocktails only, which cost an average US$14 to US$18.
Ironically, customers will need to "Like" the Bull & Bear Facebook page to get the discount.
Matt Zolbe, director of sales and marketing at the hotel, says the promotion is a way to reach younger customers through social media. He says the idea came when one of the hotel's banquet captains and a server were talking about Facebook and he learned that the captain had made arrangements to purchase stock, which Zolbe expected would drop.
