Edition: Global Global Select Region
Email: Passwd: or sign up free
One News Page
One News Page > Business > FACEBOOK IPO LIVE: The social network goes public
Open news article

FACEBOOK IPO LIVE: The social network goes public

Friday, 18 May 2012

FACEBOOK IPO LIVE: The social network goes public
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Updated 07:13 a.m., Friday, May 18, 2012

The site, which was born in a dorm room eight years ago and has grown into a worldwide network of almost a billion people, is making the most talked-about stock market debut in years. In Times Square, people walking by are taking pictures of the giant Nasdaq billboard, which today features the Facebook logo. At Nasdaq's streetfront location in Times Square, Dennis Hitchings, a retiree from Columbus, Ohio, was peering through the window at Nasdaq's board of constantly changing stock prices. Annual net income — Google $9.7 billion, Facebook $668 million. Wearing his trademark hoodie and standing before a huge crowd in Menlo Park, Calif., CEO Mark Zuckerberg symbolically opened trading on the Nasdaq Stock Market. The broader market opened slightly higher, with the Nasdaq composite index up about 10 points, or 0.3 percent. By comparison, here are the top five companies in the Standard & Poor's 500 index by market value, based on Thursday's closing stock prices: In the most highly anticipated Wall Street debut since the heady days of the dot-com boom, shares of Google surged nearly 20 percent on their first day of public trading Thursday as the quirky Internet company completed its much-hyped initial stock offering. Despite the first-day jump, the debut generated much less money than the company envisioned after it launched an unorthodox auction designed to open the stock beyond large investors who typically get first crack at new stock issues. Google shares finished the day at $100.34, up 18 percent, and the stock offering raised $1.67 billion. CALIFORNIA CASH Besides minting Internet billionaires, the Facebook IPO should provide a little help for the cash-starved state of California. The state's nonpartisan Legislative Analyst's Office says the IPO will generate $1.6 billion to $2.6 billion for the state through the middle of next year as shareholders cash in their stock. Pandora, an Internet radio company, went public June 15 at $20 a share. [...] LinkedIn, a social network for professionals, more than doubled from its $45 offer price within minutes of hitting the market last May 19. CEO Mark Zuckerberg is selling about 30 million shares of Facebook as part of the initial public offering. Zuckerberg will control the company with 56 percent of its voting stock as a result of agreements he has with other shareholders who promise to vote his way. Co-founded Facebook in his Harvard dorm room in 2004. According to the company, this is when the site passed milestones for its number of active users, defined as someone who logs on at least once a month: Andrew Schneider, a hedge fund adviser and CEO of San Francisco-based Schneider Family Office, was busy selling shares of Apple and LinkedIn on Thursday to free up cash for buying Facebook. "A lot of people went on the short side of Google when it opened," says Schneider, who is also CEO of Global Hedge Fund Advisors. Whitney Tilson says his hedge fund, T2 Partners, avoids newly public companies as a rule because companies tend to go public only when things are going well. Tilson admits, though, that avoiding initial public offerings doesn't always work. The Dow Jones industrial average dropped 156 points and has fallen 11 of the past 12 days, mostly because investors are nervous about turmoil in debt-burdened Greece. The Nasdaq composite, representing the stock exchange where Facebook will trade, fell 2 percent on Thursday.
Share on FacebookShare on Twitter Comment
Source: Bloomberg - on May 17, 2012

News video: Facebook Favored Social Network for Small Business

Facebook Favored Social Network for Small Business

May 17 (Bloomberg) -- Web entrepreneur Charlotte Coleman discusses the use of social networking by small businesses. She speaks with Mark Barton on Bloomberg Television's "Countdown." (Source: Bloomberg)

Recent related news

Open news article

Facebook Is Breaking Up; Let's Break Up With It

When it opened to the public, Facebook seemed like it really could be the ultimate social network. "But then it kept growing," complains Ashley Feinberg at...
Newser 1 day ago - Front PageAlso reported by •Boy Genius Report
Open news article

Weibo Opens Way Below IPO Price

Weibo Opens Way Below IPO Price
Moments ago Weibo opened at a price that shocked pretty much everyone following the story of China's twitter, which had already cut overnight the number of...
Zero Hedge 2 days ago - MarketsAlso reported by •Wall Street Journal
Open news article

Bits Blog: Twitter Goes After a Facebook Cash Cow

The social network will begin offering “app install ads,” which prompt smartphone users to try new games and other apps. The category has been a lucrative...
NYTimes.com 2 days ago - TechnologyAlso reported by •Benzinga.com
Open news article

Go Tell it on the Mountain

Time for true confessions...again.... Here goes: From the mountain.... I spent an entire weekend with entrepreneurs, doers of cool and great things;...
Huffington Post 5 days ago - Technology

You Might Like

Other recent news in Business

U.S. delays decision on KEYSTONE XL pipelineEASTER celebrations not so sweet; chocolate costs soar
GOOD FRIDAY 2014: 3 Facts You Need To Know About Easter Holiday 'Viernes Santo'The New York Attorney General Is Going After AIRBNB For What It Calls 'Illegal Hotels'
Vendors avoid Easter weekend as SYDNEY auction numbers slumpBill to let CALIFORNIA retailers keep selling alligator products rolls toward vote
SPACEX Launch Live Stream: Watch The Dragon Spacecraft Take Off To The International Space Station Here [VIDEO]Weather May Delay SpaceX Rocket Launch To SPACE STATION
Boston's rubber DUCKS carry a kindness message and start a movementTsunami Warning Issued After 7.8-Magnitude EARTHQUAKE Strikes Near Bougainville Island



comments powered by Disqus

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2014 One News Page Ltd. All Rights Reserved.  |  About us  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
One News Page - Top Headlines RSS Feed RSS  |  News for my Website  |  Free news search widget  |  Advertise  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |  One News Page on Facebook LIKE us on Facebook  One News Page on Twitter FOLLOW us on Twitter  One News Page on Google+ FIND us on Google+

Bullet: One News Page official news app for iPhone Bullet: Our news app for iPhone