Facebook Files Paperwork to Go Public
Yesterday, news media reported that Facebook filed paperwork for its initial public offering. The paperwork provided the first peek at the social media giant's finances since its launch 8 years ago.
Facebook seeks to raise $5 million from investors by selling a small percentage of its shares to the public in its IPO. This would be the largest offering ever made by a technology company and easily surpasses the $1.9 million raised by Google Inc. in 2004.
The excitement among investors and the general public is mounting since yesterday's announcement. Going public will likely have little to no effect on the average user, unless they plan to purchase shares. CEO Mark Zuckerberg is Facebook's largest individual shareholder and controls 57 percent of the voting shares, according to the SEO filing.
Although no official date is currently set for trading to begin, Facebook wil probably make its debut on the market in three to four months. The Palo Alto, California based company hopes to list its stock under the ticket symbol, "FB," although it is unknown whether they will be on the Nasdaq Stock Market or the New York Stock Exchange.
We'll keep you posted as this story unfolds.
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