Tuesday, January 31, 2012

Face Book The Wall Streets

Social Networth as Facebook gets set to float
Firm could be worth up to £64billion
31 January 2012

FACEBOOK founder Mark Zuckerberg is poised for a £16billion payday as his iconic social network is floated on Wall Street.

The 27-year-old's website is expected to file papers as early as tomorrow with a view to being listed on the US stock market this spring.

It is likely to be valued at between £48billion to £64billion. That would hand Facebook's baby-faced founder a "paper fortune" of £16billion through the shares he holds.

Zuckerberg created Facebook in 2004 in his dorm at Harvard University. The website was for students but then took off worldwide. It now has more than 800 million users.

The typical member has 130 "friends". A staggering 250 million photos are uploaded every day.

Facebook is thought to have made £640million last year. A float was seen as inevitable once Facebook's number of private shareholders crossed the 500 mark.

James Montgomery, head of US investment bank Montgomery & Co, said: "The float will be iconic."

At £64billion, Facebook would be worth roughly the same as McDonald's and five times more than Yahoo!

The Facebook story was immortalised in movie The Social Network, starring Jesse Eisenberg as Zuckerberg and Justin Timberlake as pal Sean Parker.

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