Facebook now made its much-anticipated move towards making the popular social network website public, eight years after its CEO Mark Zuckerberg started the service at Harvard University. Now anyone who can front the right amount of cash will be able to own part of the Silicon Valley icon, that’s quickly grown to be one of the largest internet companies today.
Facebook will debut on the stock market in roughly three or four months time, and should launch as one of the world’s most valuable companies. Facebook Inc. indicated it will hope to raise approx. $5 billion in its IPO. This would be the most for an Internet IPO since Google Inc. which raised a mere $1.9 billion in 2004.
Joining in with corporate America’s elite would likely give Facebook a serious financial boost as it battles to make its service expand its audience. It also could help Facebook fend off rivals like Google, and solidify its status as the most powerful company on the internet.
As a private company, Facebook did not have to publish its accounts. Reports last year suggested a net profit of $355m(US) on revenues of $1.2bn(US) in the first nine months of 2010.