Instead of chatting on Facebook, a lot of people are talking about Facebook today. The social networking giant debuted its public stock offering at 8:30 a.m. Pacific Time today, with initial shares trading at $42.05 on NASDAQ, up from its IPO price of $38.
The stock exchange recorded the bell-ringing ceremony held by Facebook founder and CEO Mark Zuckerberg at the company's Menlo Park campus (click here to watch the action).
Menlo Park, as the home of Facebook's new headquarters on 1 Hacker Way, will see its name mentioned in newspapers around the world as one of the biggest global events ever to happen in a town that prides itself on "village character" unfolds. According to CNN, going public stands to raise at least $16 billion for Facebook, making it the largest tech IPO and third largest IPO in the United States.
Some of that wealth will flow back into Menlo Park; the city recently approved an agreement related to Facebook's planned campus expansion that will generate $8.5 million total in graduated payments during the next 10 years, and followed by $5 million during the subsequent four years, as well as funding for community and infrastructure improvements.
Facebook employees celebrated in their traditional manner by holding an all-night Hackathon that started on Thursday.
This story contains 272 words.
If you are a paid subscriber, check to make sure you have logged in. Otherwise our system cannot recognize you as having full free access to our site.
If you are a paid print subscriber and haven't yet set up an online account, click here to get your online account activated.