Facebook just filed documents paving the way to raise $5 billion in an initial public offering of stock.
The social media giant said it had revenue of $3.7 billion last year, up from $1.97 billion in 2010, as it detailed its finances publicly for the first time in an S-1 filing with the Securities and Exchange Commission. Facebook reported net income of $1 billion on the dot last year, up from $606 million the year before.
Facebook's billionaire chairman Mark Zuckerberg, 27, made $1.5 million in compensation last year, including more than $700,000 in salary and bonus. But chief operating officer Sheryl Sandberg got more than $30 million in compensation, almost all of it in stock, according to estimates provided in the filing.
Zuckerberg did not get additional stock grants last year, and his $500,000 in base salary will go to a nominal $1 a year at his request effective in 2013, Facebook said in the filing.
The filing did not put an overall value on the company. Morgan Stanley was listed as the lead underwriter, with J.P. Morgan and Goldman Sachs also getting top billing on the prospectus.
TODAY