Facebook, Zuckerberg Opens NASDAQ Trading On Day Of IPO

Here it is, guys and girls, the moment we've all been waiting for - Mark Zuckerberg rang NASDAQ'S opening bell from the Facebook headquarters. With each share of Facebook set to sell at $38, it looks likely to raise $16 billion.

Ringing New York at 6:30am PST, Facebook employees spent the previous night taking part in one of the company's most celebrated traditions - an overnight 'hackathon'.

Zuckerberg decided to share the happy news with the rest of the world, posting the following status update: "Mark Zuckerberg listed a company on Nasdaq" tagging COO Sheryl Sandberg, VP of Product Chris Cox plus three other executives.

Putting Facebook's value at around $104 billion, this sets the company's worth even higher than that of Disney and McDonald's. Twenty-eight year old Zuckerberg will become a billionaire 30 times over, with numerous early employees becoming multi-millionaires.

But with all that money, what else can Facebook do to increase its wealth?

"Their challenge now," explains CNET Executive Editor, Paul Sloan, "is not to get more users. It's to find ways to make more money off the many users they already have."

Does Facebook know how exactly it'll achieve that?

"What does it not know!" Sloan replied.

Facebook's stock is expected to start trading at 8am PST.

Source: CBS News