Media News - Thursday, February 02, 2012
Facebook files for USD 5bn IPO
Eight years after Mark Zuckerberg launched Facebook from his Harvard
dorm room, the 27-year-old on Wednesday announced he is selling shares
in the social network at a price that values his creation at up to
USD 100bn – and values his stake in the business at USD 28bn.
Facebook's initial public offering (IPO) will be the biggest technology
IPO since Google's in 2004. There have been estimates that 1,000 current
and former employees could become paper millionaires when the company
goes public. The sale will be the defining moment – and the biggest test
yet – for the new wave of social media firms now joining the US stock
exchanges. In a regulatory filing, the company gave the most detailed look yet at
Facebook's business. Facebook had 845 million users at the end of
December and 483 million people were using it every day. The company had
revenues of USD 3.7bn in 2011, up from USD 1.97bn in 2010, and made a profit
of USD 1bn, up from USD 606m in 2010. The company will remain tightly under Zuckerberg's control, according to
the filing. The Facebook founder has struck an "irrevocable proxy" with
many of his major shareholders that will give him the right to vote on
their behalf. (The Guardian)
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