Float values Facebook as high as $96bn

Stephen Foley Author Biography

Stephen Foley

Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.

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Friday 04 May 2012

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Mark Zuckerberg last night set out Facebook's plan for world domination, in a web video to promote the forthcoming share sale that could value the social network at up to $96bn (£60bn).

Facebook set a wide price range of $28 to $35 for its shares, which are expected to debut on the Nasdaq stock exchange in two weeks.

Between now and then, executives are planning to tour the US to meet potential investors, while a glossy corporate video was also released to promote the growth prospects of the company.

Mr Zuckerberg, who founded Facebook in 2004, and his senior lieutenants promised to focus on building the company for the long-term, expanding in countries where it is not yet the dominant social network, winning over advertisers that are currently spending more on traditional media, and integrating Facebook into all kinds of other activities on the web.

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