Facebook Inc. (FB)'s $11.8 billion initial public offering will cement the status of 27-year-old Mark Zuckerberg as one of the world's richest men and put his social network among the highest-valued companies in the U.S.
Facebook is offering about 337.4 million shares for $28 to $35 each, according to a regulatory filing yesterday. At the upper end of that range, the co-founder's stake would be $17.6 billion, making him richer than Microsoft Corp.'s Steve Ballmer and Russian steel billionaire Vladimir Lisin, who are both twice his age, according to the Bloomberg Billionaires Index.
Facebook's IPO would value the company at as much as $96 billion. It is offering 180 million of the shares, while existing owners such as Accel Partners and Digital Sky Technologies are offering 157.4 million shares, according to the filing. Zuckerberg is offering 30.2 million of his 533.8 million shares. The majority of his net proceeds will be used to pay taxes associated with exercising a stock option.
Majority Control:
He may control about 57 percent of the voting power of Facebook's outstanding capital stock after the offering, according to the filing.
Zuckerberg has shown patience in bringing Facebook to the brink of an IPO. After starting the company in 2004, he rolled it out to other college campuses, reaching 1 million users by the end of the year. Zuckerberg also received a key investment from Peter Thiel, who made much of his wealth as a co-founder of online-payments service PayPal, later sold to EBay Inc.
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