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| Facebook to go public with $5bn IPO |
| Thursday, 02 February 2012 00:00 |
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Social network Facebook has filed for an initial public offering (IPO) worth $5 billion (£3.16 billion), which is set to be one of the largest technology flotations in history.
IPO documents have been filed with the US Securities and Exchange Commission this week which lay bare the financial condition of Mark Zuckerberg's organisation for the first time, with the company set to be valued at up to $100 billion. Annual revenue figures for the company show sharp growth from $777 million in 2009 to $3.71 billion in 2011, with monthly active usage figures measured at 845 million. The IPO could see Mr Zuckerberg's 28 per cent share of the company valued at around $28 billion, with the business leader set to reduce his own salary to $1 from 2013. He said: "There is a huge need and a huge opportunity to get everyone in the world connected, to give everyone a voice and to help transform society for the future." Facebook has also made efforts to broaden its presence in the streaming media sector in recent months, with CNET reporting that the firm is in talks over a potential takeover of Vevo. Posted by Emma Johnson  |