Facebook announced that it has set the price of its initial public offering.
According to a press release, the company will sell 421,233,615 shares of its common stock at $38 per share.
Facebook will raise $16 billion, making this the largest IPO of an Internet company. Facebook's value is now $104.12 billion.
Shares will begin trading on the NASDAQ today under the ticker symbol "FB".
CEO Mark Zuckerberg is selling 30.2 million shares as part of Facebook Inc.'s initial public offering of stock. With shares priced at $38 each, he's receiving $1.15 billion.
Even after the IPO, Zuckerberg remains Facebook's single largest shareholder. He will own 503.6 million Class B shares after the offering, or 32 percent of Facebook's total shares. At the $38 share price, his stake in the company is worth $19.1 billion. 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.
(Mark Zuckerberg in 2005)
