Proving that this Facebook IPO, a.k.a. the sexiest thing to happen to Wall Street, just might be unstoppable, Zuckerberg and friends announced today that the company would be selling 25 percent more shares on Friday--421.2 million to be exact. The company had originally intended, as The Wall Street Journal's Mia Lamar reports, to sell 337.4 million. But apparently investor demand is so high that Facebook decided to change that--like when the company decided to up its expected price range to $34-$38 yesterday. It's a bold move in the face of some bad news of General Motors yanking $10 million in ads.
But on the other hand, it probably makes sense since there are people (or at least one person) out there who are doing things like liquidating their children's college funds just to sniff some of Zuckerberg's stock. The Associated Press crunched those numbers adding some perspective to exactly how much money we're talking about. "If all the shares including those being offered to the underwriters are sold at the high end of the expected price range, the social network's offering could raise more than $18.4 billion," reports the AP. GM who?
This article is from the archive of our partner The Wire.
We want to hear what you think about this article. Submit a letter to the editor or write to email@example.com.