Done Deal: Facebook Sets IPO Share Price At $38
Company Value At That Price: $104 Billion
May 17, 2012 at 11:56 AM (PT)
As expected, FACEBOOK INC. priced its initial public offering at $38 per share, MARKETWATCH reports. At that price, the social media giant would be valued at $104 billion, the highest value for any American company at the time of its IPO.
The social network giant’s shares will begin trading FRIDAY morning on the NASDAQ STOCK MARKET under the ticker symbol "FB."
FACEBOOK will selling 180 million shares in the offering, while Co-Founder/CEO MARK ZUCKERBERG. and many of the company's early backers will put another 241.2 million shares cup for sale. For the 28-year-old HARVARD dropout ZUCKERBERG, he will instantly become a multi-billionaire; the value of his remaining FACEBOOK stake is about $19.1 billion.
All-Night 'Hack-athon' In Menlo Park
VENTUREBEAT.COM adds that "the 'Hacker Way' is alive and well at FACEBOOK," as the company will host "an all-night, employee hack-athon at its MENLO PARK campus and satellite offices."
"The Hacker Way is an approach to building that involves continuous improvement and iteration," CEO MARK ZUCKERBERG explained in a letter to investors included in the company's prospectus. "Hackers believe that something can always be better, and that nothing is ever complete. They just have to go fix it -- often in the face of people who say it’s impossible or are content with the status quo."