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Facebook shares to go on sale

02 February 2012 11:19 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. Facebook has filed for an initial public offering (IPO) in the United States. The Palo Alto-based company hopes to raise $5 billion worth of funding from the sale, according to its filing with the Securities and Exchange Commission.

The worldâ€™s largest social network turned $1 billion over in profit last year, from $3.71 billion in revenues, according to a report in the Wall Street Journal. The report claimed that Facebook hopes to raise as much as $10 billion when it begins selling shares.

Mark Zuckerberg, founder and CEO of Facebook, was revealed to have a 28% stake in Facebook, and an annual base salary paid to him by the company of $500,000 (before bonuses). The enigmatic Zuckerberg has requested to have this salary cut to $1 per year, effective January 1, 2013, which was approved by the board.

Facebook claims to have 845 million active users that are posting 2.7 billion â€˜likes and commentsâ€™ and 250 million photos every day.