Facebook has finally filed for its IPO. The social networking giant submitted an application to the SEC on Wednesday. It plans to raise up to $5 billion. CEO Mark Zuckerberg, who cofounded the company in February 2004, currently holds a 28.4 percent stake. Details in the SEC document illuminated the extent of Zuckerberg’s control over Facebook. He has the ability to control management and affairs at the company as well as the election of directors. Zuckerberg also has the ability to choose a successor in the event of his death.
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Zuckerberg to Keep Iron Grip on Facebook's Reins
Posted by: Rob Spiegel February 2, 2012 02:36 PMFacebook has finally filed for its IPO. The social networking giant submitted an application to the SEC on Wednesday. It plans to raise up to $5 billion. CEO Mark Zuckerberg, who cofounded the company in February 2004, currently holds a 28.4 percent stake. Details in the SEC document illuminated the extent of Zuckerberg’s control over Facebook. He has the ability to control management and affairs at the company as well as the election of directors. Zuckerberg also has the ability to choose a successor in the event of his death.