Investors scrambled on Friday to buy shares of Facebook, the world’s largest social media site. 82 million shares changed hands within 30 seconds, making it the third largest trading in the US IPO history.
Mark Zuckerberg may be the happiest man on earth. The stock market debut of Facebook would elevate Zuckerberg’s net worth up to $20 Billion.
On Friday morning, the shares begun trading at $42.05, an 11 percent increase from the company’s initial price of $38 IPO price, and at the time of this article going online, the trading was at $45. The offer raised $16 billion, making the the social site the most valuable technology company in the IPO history.
Facebook trails behind Visa and General Motors to gain the third position in the IPO history. In 2008, Visa raised $19.7 billion, and GM raised $18.7 billion in 2010. The shares were released on Thursday evening, but by Friday, many brokerage companies closed their books.