Facebook Boosts IPO By 25% To 421.2 Million Shares
Facebook boosted its IPO by 25% to 421.2 million shares from 337.4 million shares as holders chose to raise their offering to 241.3 million from 337.4 million, according to its ever evolving S-1 filing.
The company still sees about $6.4 billion of net proceeds if the IPO prices at $36 midpoint. The company's CEO will control about 55.8% of the voting power of its outstanding capital stock vs. the prior 57.3% control.
Also of note, GM (NYSE:GM) announced it was no longer advertising on the platform, which has caused some concern over its business model.