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Social networking site to float on the stock market and sell shares in the business
Facebook is planning to go public by floating on the stock market.
The social networking site, which made a profit last year of $1bn, is estimated to be worth around $10bn, but the company said it was only seeking to raise around half of that; $5bn (approx £3bn).
The site started eight years ago by Mark Zuckerberg when he was at Harvard University now has around 845 million users. It is not known how the sell-off will affect Facebook users.
However, with people divided over the new Timeline feature the company is rolling out, some civil liberties groups believe it may compromise privacy even further. Analysts say it will make people's data much more valuable for advertising revenues.
Zuckerberg said in a letter that: "Facebook was not originally created to be a company. It was built to accomplish a social mission - to make the world more open and connected.
"We think it's important that everyone who invests in Facebook understands what this mission means to us, how we make decisions and why we do the things we do."
Facebook filed its intentions with the Securities and Exchange Commission after the US stock markets closed yesterday. The move to float Facebook is likely to make Zuckerberg very rich.
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floating facebook
Hello,perhaps im not the only one ,but think everybody who uses facebook,needs to think seriously about this,they r not floating facebook as a company,they r floating everybody who is on facebook,as we all know when u have a facebook account,u can view what u like,had facebook once but wouldnt touch it now with a bargepole,so just be cautious
Posted by Edgar Mills, 03 Feb 2012
Floating Facebook
Just proves that Zuckerberg cares nothing about the product or the lives he will wreck, all he's after is the profit and the comment about how much he wants to raise.... PURE GREED even at half the possible amount. Think back Mark, this is not what you wanted the site to be, you've been blinded by the dollar signs, and have sold everyone out.
Posted by Malcolm Wright, 07 Feb 2012
NICE IDEA BUT HOPE IT WOUNDNT BE TAKEN OVER BY BUSINESS PEOPLE!
Its a perfect idea to go stock market for capitalizations,but fear of everyone is that hope it wouldn't be taken oyer by business who are always after profit maximazations that will go contrary with the main objectives of setting fb• MUSA USMAN NIGERIA
Posted by MUSA USMAN, 21 Feb 2012