1. SOCIAL NETWORK

    Facebook IPO Could Top $16B

    FILE - This Feb. 1, 2012 photo shows the Facebook logo on a computer screen in Berlin. A published report says Facebook is seeking a valuation of $85 billion to $95 billion when it goes public in a few weeks. The Wall Street Journal, citing unnamed people familiar with the matter, said Thursday May 3, 2012 that the company plans to set the per-share price of its stock in the high $20s to mid $30s. This is a narrower range than the previously expected $75 billion to $100 billion. Facebook's initial public offering will be by far the largest Internet IPO ever, dwarfing even Google Inc.'s in 2004. (AP Photo/dapd, Timur Emek)

    Timur Emek, dapd / AP Photo

    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.

    Read it at Reuters