MARU GUJARAT GK QUIZ 37

MARU GUJARAT GK QUIZ 37
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Facebook, Inc. is an American social media conglomerate corporation based in Menlo Park, California. It was founded by Mark Zuckerberg, along with his fellow roommates and students at Harvard College, who were Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes, originally as TheFacebook.com—today's Facebook, a popular global social networking website. Facebook is one of the world's most valuable companies. It is considered one of the Big Five technology companies along with Microsoft, Amazon, Apple, and Google.

Facebook offers other products and services beyond its social networking platform, including Facebook Messenger, Facebook Watch, and Facebook Portal. It also has acquired Instagram, WhatsApp, and Oculus, and has a 9.9% stake in Jio Platforms.

Facebook filed for an initial public offering (IPO) on February 1, 2012. 

The preliminary prospectus stated that the company was seeking to raise $5 billion. The document announced that the company had 845 million active monthly users and its website featured 2.7 billion daily likes and comments. After the IPO, Zuckerberg would retain a 22% ownership share in Facebook and would own 57% of the voting shares.

Underwriters valued the shares at $38 each, pricing the company at $104 billion, the largest valuation to date for a newly public company On May 16, one day before the IPO, Facebook announced that it would sell 25% more shares than originally planned due to high demand. The IPO raised $16 billion, making it the third largest in U.S. history (just ahead of AT&T Wireless and behind only General Motors and Visa). 

 The stock price left the company with a higher market capitalization than all but a few U.S. corporations – surpassing heavyweights such as Amazon, McDonald's, Disney, and Kraft Foods – and made Zuckerberg's stock worth $19 billion. The New York Times stated that the offering overcame questions about Facebook's difficulties in attracting advertisers to transform the company into a "must-own stock". Jimmy Lee of JPMorgan Chase described it as "the next great blue-chip". Writers at TechCrunch, on the other hand, expressed skepticism, stating, "That's a big multiple to live up to, and [Facebook] will likely need to add bold new revenue streams to justify the mammoth valuation".

Trading in the stock, which began on May 18, was delayed that day due to technical problems with the NASDAQ exchange. The stock struggled to stay above the IPO price for most of the day, forcing underwriters to buy back shares to support the price. At closing bell, shares were valued at $38.23,  only $0.23 above the IPO price and down $3.82 from the opening bell value. The opening was widely described by the financial press as a disappointment. The stock nonetheless set a new record for trading volume of an IPO.[On May 25, 2012, the stock ended its first full week of trading at $31.91, a 16.5% decline.

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