| News - Wednesday, February 8, 2012
Facebook files for $5 billion initial public offering
Menlo Park-based Facebook Inc. filed papers with the Securities and Exchange Commission on Feb. 1 for an initial public offering of $5 billion.
The filing reports that the company received $3.7 billion in revenue in 2011, $1.9 billion in 2010, and $777 million in 2009.
Net income was $1 billion in 2011, $606 million in 2010, and $229 million in 2009, according to the filing.
CEO Mark Zuckerberg holds 533,801,850 shares of Class B stock, which has 10 times the voting power of the other class of stock, Class A. He also has voting proxy over additional shares, bringing his total voting power to 57 percent before the IPO.
Mr. Zuckerberg earned a base salary of $500,000 in 2011, but Facebook's compensation committee accepted his request to reduce his salary to $1 in 2013.
Morgan Stanley will be the lead underwriter of the initial public offering. JP Morgan, Goldman Sachs, Merril Lynch and Barclays Capital will also participate.
Facebook's ticker symbol will be FB.
— Eric Van Susteren
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