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Fri May 4, 2012
Originally published on Fri May 4, 2012 8:57 am
DAVID GREENE, HOST:
NPR's business news begins with Facebook frenzy.
(SOUNDBITE OF MUSIC)
GREENE: The world's largest social networking site is going public later this month. And yesterday it set a price range for its stock. It plans to sell share shares for between $28 and $35 each, using the ticker symbol FB. The share sale is expected to raise as much as $12 billion, making it one of the largest initial public offerings ever.
Google, by contrast, raised just $1.9 billion when it went public. Facebook's 28-year-old CEO Mark Zuckerberg will maintain a firm grip on the company. Even after the IPO, he still controls about 58 percent of the company's voting stock. Transcript provided by NPR, Copyright National Public Radio.