Facebook goes public (live blog)
Blow-by-blow coverage of Facebook's initial public offering.
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Welcome to CNET's live blog of Facebook's first day as a public company.by Roger Cheng
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Thanks for joining us everyone.by Roger Cheng
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In case you missed it, Facebook last night priced its IPO at $38 a share, valuing the company at $104 billion and raising more than $16 billion. That’s at the high end of its previously stated range. You can read more about it here.by Roger Cheng
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It's still dark on the west coast. Ya think anyone from Facbook got a wink of sleep last night?by charles.cooper
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Alongside myself are a number of CNET editors and writers who have been breathlessly covering the Facebook IPO from rumor to today's opening on the Nasdaq.by Roger Cheng
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Good morning. Coffee is on. And CNBC is on the TV. And the Wall Street analysts are explaining the long-term potential.by jim.kerstetter
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To say we're a bit tired would be an understatement, but here we are!by Roger Cheng
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How long will it take to start making some money?by jarrod
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I'd say no, given the all-night hackathon.by jim.kerstetter
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@jarrod Actually, Facebook already generates revenue and is profitable. In fact, it's one of the few Internet IPOs to come out recently to already be on that track.by Roger Cheng
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So there's a hackathon?by Antriksh
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LinkedIn was profitable, too. A solid company.by jim.kerstetter
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Rather than hang out with the Wall Street types, Mark Zuckerberg and gang opted instead for an all-night hackathon at the FB headquarters.by Roger Cheng
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Hackathon, in the Facebook sense, is coding on some sort of project that isn't your normal day job.by jim.kerstetter
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Here are some photos from last night's hackathon, courtesy of Facebook.by Roger Cheng
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CEO Mark Zuckerberg rallying the troops before the hackathon begins.
by Roger Cheng -
A friend who works at Facebook just posted (on Facebook)...maybe an hour of sleep?by jim.kerstetter
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When will the bell ring?by spsneo
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@spsneo The bell will ring at 9:30 am ET.by Roger Cheng
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Wait, Mark Zuck is not going to be at the IPO?by Antriksh Yadav
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Zuckerberg was in HQ at a hackathon, and will be remotely "ringing the bell" from Facebook's headquarters in Menlo Park, Calif.by Roger Cheng
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I guess nearly $20 billion in value isn't enough to get him to come to New York.by Roger Cheng
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CNBC is trotting out all the dot-com boom icons for this Facebook IPO. Former Lycos CEO Bob Davis. Henry Blodget.by lawrence.dignan
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Facebook’s IPO last night marks the largest Internet IPO -- by far -- and the third largest of all time. If you’re curious about the top 10 Internet IPOs before Facebook, check them out here.by Roger Cheng
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Will Zuck address the media at melno park?by spsneo
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@spsneo, I doubt Zuck will address media.by lawrence.dignan
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@spsneo Probably not. These bell-ringing affairs are usually for ceremony and show. Disappointing, I know.by Roger Cheng
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I, believe it or not, saw Bob Davis in an elevator in Cambridge, Mass. the other day. His hair still does not move.by jim.kerstetter
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What would be the opening price prediction today?by Karan Chopra
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$20 billion didn't do it - but what if they offered free pizza from Rays? (That's the original Rays. Not to be confused with Famous Original Rays.....oh, forget it)by charles.cooper
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@karan I'll go with $55 for an openerby lawrence.dignan
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@Karen Great question...anyone care to guess how this thing is going to open?by Roger Cheng
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@Roger Cheng What is the point in buying stock? How much do you think I would be able to make? Do you reccomend buying it this early? Do you expect the prices to rise?by jarrod
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Interesting that CNBC will soon be talking with an executive from Tumblr. It's the one big social media site that has had any sort of IPO talk.by jim.kerstetter
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@jarrod I'm by no means a financial adviser, but I assume people are going to buy the stock to take advantage of its growth potential. I'm not a fan of buying this stock early on though.by Roger Cheng
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While the stock priced at $38 last night, you could see a pop at the beginning of the day.by Roger Cheng
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I think you have to be thinking longterm if you're investing in a company with a P/E of about 100/1. Apple, by comparison, is 15/1.by jim.kerstetter
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It could, of course, come down as rational thinking settles in. The stock really could go either way through the course of the day.by Roger Cheng
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@jim Good point. We're talking really longterm thinking with that multiple. It's pricier than any other tech IPO before it...of course it's also more mature than most other tech IPOs.by Roger Cheng
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By mature, I mean actually developed a user base and business model and showing profits.by Roger Cheng
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how will I be able to buy it?by jarrod
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More true than recent tech IPOs, you mean.by jim.kerstetter
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I've seen that Facebook-Apple repeatedly. It's nuts. FB is no Apple and unless there's some super model yet to come it won't.by lawrence.dignan
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Yes, recent tech IPOs.by Roger Cheng
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One reason why it's so mature is that it didn't even want to go public. But that attitude changed when it exceeded the 500 shareholder limit for private companies and would have been forced to disclose their financials anyway.by Roger Cheng
