Float values Facebook at $104 billion

  • Facebook has priced its shares ahead of one of the most eagerly-awaited share flotations in recent stock market history.

    The social network has valued its shares at $38 each which will begin trading in New York later in the day. 

    At this price the eight-year-old firm would be worth $104bn.

    Demand is expected to be high leading to Facebook announcing earlier this week that it would be selling 25% more shares than planned.

    There are concerns however that once the company has to answer to shareholders, there could be a greater emphasis on advertising to generate profits.