Get out the tree and give out those gifts. Start cooking the
feast and get ready to pass out on the sofa. It's Facebook
It would be a straight up lie to suggest that "no creature was
stirring, not even a mouse" yesterday, as the buzz was close to
deafening. You can read about the Facebook IPO on sites like
MTV.com, as well as the more expected news sites. It seems that
everybody is talking about this. Seriously, when was the last
time the stock market was this "hip"?
Yes, you heard it here first. Finance is the new rock 'n'
OK, not really, but you get the idea. Mark Zuckerberg's
college dorm project is about to become the biggest tech IPO
ever. You will see the numbers everywhere today but, to
reiterate, Facebook (which will trade as NASDAQ: FB) is offering
over 484 million shares that are expected to raise roughly $18.5
billion for the company.
What we do know is that, by the end of the day Zuckerberg and
a select group of people that have been with him since the early
days, will be much wealthier.
It is a fascinating thing, to watch Facebook explode in front
of many bemused eyes. There seem to be many people, more
experienced financial guys, resenting Zuckerberg's hoodie-wearing
youth. He is changing the image of business, and a lot of people
don't like it. After all, it is only a few years ago that
Zuckerberg was giving out business cards that read "I'm CEO,
Few can argue with the fact that he has a sharp mind. Brutal
at times (as highlighted by Sorkin's
movie), but sharp. One of the interesting things that has come
out of the recent close(r) look at Facebook is that the company
hosts regular "hack-a-thons", within which the employees spend 24
hours coding and coming up with ideas.
"Hack-a-thons are this awesome part of our culture,"
Zuckerberg said. "Every month or two, everyone stays up all night
just experimenting with things and building things quickly. And
the only rule is that you're not allowed to work on the same
thing that your day job is."
The people who can't code? Well, they still stick around for
the night, making food and coming up with creative ideas in other
It's not the fact that Zuckerberg makes his staff work all
night, it's that they want to. There is an energy that the CEO
has instilled, an excitement, and a smile. Corporate America is
changing, and he's mixing it up.
So today, Zuckerberg will ring the bell and people will cheer.
Then they will be guessing what FB will end on. Zuckerberg will
sell 30.2 million shares of his own, netting around $1.1 billion,
which will cover his tax bill. After the IPO, he will hold 503.6
million shares, roughly 31% of the company worth $19.1
Let the madness begin.
(c) 2012 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.