From the NY Times:

Facebook Raises $16 Billion in I.P.O. That Values It at $104 Billion

As investors raced to get shares, whose price Facebook set at $38 each, the sprawling social network raised $16 billion on Thursday in an initial public offering.

The I.P.O. signals a rapid evolution for the company. In just eight years, Facebook has gone from a scrappy college service founded in a Harvard dormitory to the third-largest public offering in the history of the United States, behind General Motors and Visa.

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