The Social Network is now The (Filthy) Rich Network.
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Facebook IPO has gone gang busters – selling a total of 421.2 million shares at US$38 a pop, according toa a statement.
Mark Zuckerberg’s project which started in a Harvard dorm room has now coined a phenomenal $16 billion in its hugely anticipated IPO – the biggest ever for a tech company, according to Bloomberg.
This comes as Zuckerberg and Co raised the price of shares from $28-$35 to $34- $38.
This places the network’s total value to a massive $104 bn – higher than the $100bn previously thought and is now offically the biggest IPO for a tech compnay ever – even bigger than Google and Microsoft.
CEO Mark Zuckerberg and other investors incuding Microsoft, Elevation Partners ( which U2 fontman Bono has a stake) and several other private investors are set to be come a good deal weathier, later today.
“My feeling is they could have gone higher, but they wanted to leave some room for upside tomorrow,” Arvind Bhatia, a Dallas based analyst, Sterne, Agee & Leach, declared.
“The demand was obviously quite strong so I think it’s the right move.”
Read: Is Facebook…A “Fad”?
Trading on Facebook shares is set to formally kick off later today, Us time on Nadaq, and is to be listed as ‘FB’.