Facebook IPO plan stands to rake in more than $100 billion and mint several new billionaires


A FRENZY for Facebook built Tuesday as the company hiked its expected opening price for shares to about $38 — making the eight-year-old social media site worth $104 billion. The staggering sum set ahead of Friday’s hotly anticipated IPO would instantly make Facebook more valuable than American corporate icons like McDonald’s, Disney and Kraft. “There are more than 2 billion global Internet users,” Facebook said grandly in its SEC filing, “and we aim to connect all of them.” By August, the social network is expected to sign up a billion people — one of every seven humans on the planet. That staggering reach, and investors’…

Next Post

US blacklists 2 lieutenants of Indian crime lord – BusinessWeek

BBC News US blacklists 2 lieutenants of Indian crime lordBusinessWeekThe men are close associates of Dawood Ibrahim, who is alleged by control criminal gangs in India's business hub of Mumbai and is accused of smuggling heroin and hashish from Afghanistan and Thailand to the US, Europe, the Mideast, Latin America […]