Facebook launched the process for its highly anticipated stock market debut, filing papers for a $5bn initial public offering that will turn key shareholders into billionaires, most notably Mark Zuckerberg, the 27-year-old chief executive and co-founder.
Mr Zuckerberg’s 28.4 per cent stake would give him a paper worth of $22.7bn, based on secondary market trading, valuing Facebook at $80bn.
More striking is the absolute control Mr Zuckerberg will retain over the company. He and his close allies own 57 per cent of the company, guaranteeing that he will be able to run Facebook more like the mission-driven public trust he envisioned in his Harvard dorm room eight years ago than a public company beholden to investors.