Facebook’s $104 billion initial public offering on Friday transformed thousands of young people into instant millionaires – as well as a few billionaires
By his mid-20s, he was already the subject of multiple books and a movie that did opening weekend sales of $23 million. The company’s CEO has literally helped change the world, creating not just new ways of doing business, but new ways of socializing. He also has displayed a keen understanding of corporate power and has amassed an absolute say on any issue going to shareholders. That means the continued wealth of the Facebook millionaires depends completely on what Zuckerberg thinks will work. His 533.8 million shares of stock makes Zuckerberg worth — better sit down — $20.3 billion at age 28.
Multi-million dollar mansions and $100,000 Porsches are flying off local shelves in the Palo Alto, Santa Clara and Menlo Park areas of California. And the charge of luxury living is being led by a group of young entrepreneurs and techies as well as investors and venture capitalists that have scored famously from Facebook’s Nasdaq debut.
Facebook (FB: 38.23, +0.23, +0.61%) began trading on the stock exchange Friday morning in a $104 billion IPO that marked the second-biggest in history behind Visa (V: 112.64, -2.37, -2.06%) and ahead of General Motors (GM: 21.18, -0.43, -1.99%). When CEO Mark Zuckerberg rang the opening bell, he and few close colleagues became instant billionaires, while thousands of lower-level employees became millionaires.