Facebook IPO Official This Morning
Bert Atkinson Jr. | On 18, May 2012
Facebook’s much anticipated initial public offering (IPO) has become official this morning.
According to CNN, the social network mega-giant set its final IPO price at $38 per share. When the stock first began trading at 11:30am EST Friday morning, the first trade came in at $42.05 for an early 11% gain, before eventually dropping back down to around its original price.
80 million shares were traded in the first 30 seconds with 247 million having been shared within the first 45 minutes.
Facebook’s IPO is the largest tech IPO in history and the third largest U.S. IPO ever. The company is on track to raise $16 billion, which could take the total value of the company over $100 billion.
Zuckerberg, the famous creator of the company that has taken the world by storm, will personally net about $1.1 billion dollars from the IPO as he owns about 31% of the company.
CNN compiled a few interesting facts in a timeline about Zuckerberg. Here are some highlights:
- 1984 – Born.
- 1995 – Took a graduate computer course at age 11.
- 1996 – Created an instant messaging service for his dad’s dentist office at the age of 12.
- 2003 – Created Facemash.com at Harvard which allows students to vote on the attractiveness of others.
- 2004 – Launched thefacebook.com from his Harvard dorm room.
- 2004 – Over 150,000 members from 40 schools within 6 months.
- 2005 – Changed domain name to facebook.com and expanded it to over 800 schools.
- 2006 – Opened facebook.com to everyone.
- 2008 – Named youngest self-made billionaire by Forbes.
- 2010 – Time Person of the Year.
- 2012 – Ranked 14th on the Forbes 400: Richest People in America with net worth around $17.5 billion.