People are able to create personal profiles on the site Facebook.com and then upload photos, share news stories, stay in touch with friends… and much more. The company was private until its IPO in May 2012. In the IPO, Facebook was hoping to raise $10.6 billion by selling 337 million shares priced between $28 and $35 per share. Several notable Facebook insiders were expected to sell many shares with the IPO. CEO Mark Zuckerberg sold 30.2 million shares which netted him $1.057 billion. He will still owns over 500 million other shares that he will not sell in the IPO and that gave him a net worth of roughly $16 billion.
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