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Social networking giant Facebook plans to go public, files for IPO to raise $5 billion

Associated Press
Social networking giant Facebook plans to go public, files for IPO to raise $5 billion

FILE - In this May, 26, 2010 file photo, Facebook CEO Mark Zuckerberg talks about the social network site's new privacy settings in Palo Alto, Calif. Zuckerberg turns up at business conventions in a hoodie. “Cocky” is the word used to describe him most often, after “billionaire.” He was Time's person of the year at 26. So when he takes Facebook public, why would he follow the Wall Street rules? The company is expected to file as early as Wednesday, Feb. 1, 2012 to sell stock on the open market in what will be the most talked-about initial public offering since Google in 2004, maybe since the go-go 1990s. Around the nation, regular investors and IPO watchers are anticipating some kind of twist - perhaps a provision for the 800 million users of Facebook, a company that promotes itself as all about personal connections, to get in on the action. (AP Photo/Marcio Jose Sanchez, File)

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