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Facebook's share price set at $38
According to Business Report, international and local media companies report that Facebook's share price was fixed at US$38 ahead of its initial public offering, giving the company a market value of $104-billion.
Business Report and Fin24 report that Facebook's shares have started trading on Nasdaq and 421-million shares are available to the public. Facebook will put 180-million of its shares on sale while other people with a share in the company are offering 241-million of their shares for sale. Founder, Mark Zuckerberg will hold 55,8% of the voting power in order to keep his control over the company.
According to the Fin24 report, Facebook is expected to raise between $16-billion and $18-billion through the IPO, one of the biggest in America's history. It is among the most valuable firms in the United States, ahead of Amazon ($98-billion), Cisco ($89-billion) and more than double the value of the Ford Motor Company ($38-billion), however, it remains well behind Google, valued at $203-billion and Apple at $495-billion.
For more:
- Business Report: Facebook confirms share price for IPO
- Fin24: Facebook sets richest tech IPO in motion
