Facebook Fail Busts California Budget

As Facebook sinks, so do California’s budget assumptions

California state officials had been counting on a big boost to state revenues from the social networking company FB +0.60% .

California Governor Jerry Brown’s office put the number as high as $1.9 billion, assuming that Facebook shares are trading around $35 later this year when restricted stock unit lockups end.

Now however, with Facebook barely above $20, those assumptions are very much in doubt.

And as the Legislative Analyst’s Office told the Sacramento Bee “if the company’s stock price remains depressed, hundreds of millions of income tax dollars assumed in the 2012-13 state budget plan are at risk.”

What's that old saw about "counting your chickens before they're hatched"?

Counte not thy Chickens that unhatched be,
Waye wordes as winde, till thou finde certaintee

My home state is so screwed...