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Facebook files $5 billion IPO

Facebook has officially filed for its public offering and will be underwritten by Morgan Stanley and Goldman Sachs amongst others. The social networking based company will trade under the stock symbol “FB” when it finally goes public later this year. Dante Cesa, Engadget editor, states Facebook “is seeking to raise $5 billion, according to this early filing, amounting to a lofty (and still tentative) valuation north of $50 billion.” Mark Zuckerberg, current CEO of Facebook, has a 28.4% share in the company and will become an even more extremely wealthy man and his current $6 billion net worth would rise to nearly $30 billion.

This move to go public has revealed some internal things about Facebook that we would not have learned otherwise. Facebook documents show that the service has 845 million active users each month and that just boggles our minds. Facebook has balance sheet with revenues of $777 million (2009), $1.97 billion (2010), and $3.71 billion (2011). Zuckerberg had a 2011 salary that amounted to $500,000 and once the company goes public his salary will be cut down to just $1 by 2013, much the way many CEOs with great amount of company shares have done in the past.

Learn more the author of this post:

Solomon Massele
Solomon is our Senior Managing Editor here at TekGoblin and he is also a columnist for Best Buy Mobile Magazine. He has been a technology enthusiast for years and currently contributes to companies such as TekGoblin, Best Buy Mobile Magazine, and others in the past such as SPJ Reviews. You can keep up with his updates on Twitter at @iceman7679 and his visual tech related reviews on YouTube at www.youtube.com/iceman7679. He loves everything tech, and talking about it!
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