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SOCIAL NETWORK Facebook IPO Could Top $16B Timur Emek, dapd / AP Photo

Facebook IPO Could Top $16B

Facebook will increase the size of its initial public offering by 25 percent, a source told Reuters on Wednesday—meaning the company could raise as much as $16 billion before its shares go public on Friday. If the IPO is increased, it will be the third-largest initial share sale in history, after Visa and General Motors. According to the source, Facebook will add about 85 million shares, for a total of 422 million expected to be floated in the public offering. The news about the shares came just one day after GM announced it would be pulling its ads from Facebook, saying the ads are ineffective.

May 16, 2012 6:31 AM