Facebook Updates Its ‘Status’ with Long Awaited IPO

Facebook has finally updated its “status” by filing this week for an initial public offering.

After months of speculation, the social networking giant is going public. The IPO is expected to take place during the second quarter and could be worth as much as $5 billion.

The exchange upon which shares of Facebook will be traded hasn’t yet been determined.

“We often talk about inventions like the printing press and the television,” Facebook founder and CEO Mark Zuckerberg said late Wednesday. “Today, our society has reached another tipping point.”

Facebook’s initial underwriters include Morgan Stanley, JPMorgan, Goldman Sachs, Bank of America, Merrill Lynch, and Barclays Capital to name just a few of the heavyweights.

“Facebook was not originally created to be a company. It was built to accomplish a social mission — to make the world more open and connected,” Zuckerberg added. “We think a more open and connected world will help create a stronger economy with more authentic businesses that build better products and services.”