In what is being called the biggest initial public offering in history by a technology company, Facebook on Thursday brought home a mountain of cash as investors purchased shares in an Internet sensation that revolutionized the concept of socializing.
Facebook raised $16 billion at $38 per share, valuating the world’s largest social networking site at a whopping $104.2 billion, Bloomberg reported. The company sold 421.2 million shares, the news agency said, citing a statement.
The IPO had been so highly anticipated that Facebook said it would raise the size of its IPO by 25 percent or 100 million shares, The Wall Street Journal reported.
Mark Zuckerberg, who founded the company eight years ago in a Harvard dorm room, doesn’t have much to worry about in the way of personal finances. The Journal said he planned to sell shares worth up to $1.2 billion and that his personal stake post-offering would be a monstrous $19.1 billion.