Tuesday, 15 May 2012 04:25 PM
Facebook Inc’s initial public offering, in addition to minting a number of billionaires and millionaires, will offer something of a financial lifeline to cash-strapped California — generating more than $2 billion in revenue for the state. The state’s budget watchdog said on Tuesday it expects the IPO will generate $2.1 billion in revenue for California through the 2013 fiscal year. The outlook comes a day after Gov. Jerry Brown proposed a revised budget plan to address a swelling deficit for the tarnished Golden State.
Facebook, the No. 1 social network, expects to raise $12.1 billion in what would be Silicon Valley’s largest-ever initial public offering, dwarfing Google Inc’s 2004 market debut. Facebook, based in Menlo Park Calif., on Tuesday raised its target price range for the IPO to between $34 and $38 per share. With enthusiasm for the historic offering running high, investors stand to reap capital gains while the company’s 3,500-plus workers could grow wealthy through stock units and options — all of which would translate into tax revenue for the state.
May 15, 2012 | Categories: 2012 Election, America's Freedoms, Class Warfare, Cloward and Piven Strategy, Corruption in Government, Deficit, Diplomacy, Education, Election 2012, Elections Politics, Employer Uncertainty, Excessive Government Spending, Government, Jobs, Learn from History, Liberals Big Spending and Taxes, Most Americans Reject Socialism, National Debt, New Media News, Political Incompetence, Politics, Progressives pushing for Marxism/Socialism, Radical Liberal Progressive Left, Rights of States, The Economy, Unemployment | Tags: Business, CA, California revenue, economy, Facebook, fiscal year 2013, initial public offering, IPO, IPO will generate $2.1 billion revenue, Jerry Brown, Mark Zuckerberg, Menlo Park, private sector | Leave A Comment »