Facebook IPO: Millionaires Emerge

by | February 2, 2012 at 11:01 AM | General, Technology

When David Choe was asked to paint the walls of Facebook’s first headquarters, he considered the idea of Facebook “ridiculous and pointless, ” the New York Times reports. Nevertheless, when Sean Parker, then-president of the company, offered the graffiti artist cash or company stock, Choe opted for stock. Seven years later, he’s preparing for a $200 million pay day.

Choe is one of nearly 1,000 Facebook employees who are about to become millionaires.

The social network filed for a $5 billion initial public offering for stock late Wednesday, a move that anxious investors, reporters and competitors have been awaiting for nearly two years. It is the largest IPO on record for an Internet company — it’s even several times greater than Google’s offering in 2004, according to the New York Times.

Founded in a Harvard dorm room, Facebook is expected to be valued above $75 billion.

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