NEW YORK (AP) — Facebook stock is rising more than10 percent in the world's biggest online social network's debut as a publicly traded company.
The stock rose to $42.05 on the Nasdaq Stock market on Friday morning. CEO Mark Zuckerberg rang the opening bell from Facebook's headquarters in Menlo Park, Calif. Surrounded by cheering Facebook employees and wearing his signature hoodie, the 28-year-old pushed the button that signals the opening of the stock market in New York.
On Thursday, Facebook and the investment bankers arranging the IPO settled on a price of $38 per share. The company and its early investors raised $16 billion in the offering, which valued Facebook at $104 billion. That makes Facebook the most valuable U.S. company to ever go public.