Facebook starts trading, shoots up in first minute
(CBS News) Facebook (FB) joined the Nasdaq Stock Market Friday and shot up to $43 within the first minute of trading.
The social network set the price for its initial public offering (IPO) at $38 Thursday after markets closed. The price is currently hovering around $40, but it may change throughout the day.
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Facebook co-founder and chief executive officer Mark Zuckerberg kicked off the social network's entry into the Nasdaq Stock Market this morning by ringing the opening bell at 9:15 a.m. ET.
Zuckerberg rang the open bell from Facebook's headquarters, where the company held an all-night hackathon Thursday night. True to form, the 28-year-old CEO rang the bell wearing a hoodie with a crowd of Facebook employees cheering him on.
The screen outside the Nasdaq stock exchange at Times Square in New York displayed a handwritten message from Zuckerberg that read, "To a more open world and connected world."
Facebook reports 901 million monthly active users, 300 million photos uploaded per day and 125 billion friendships. An estimated 488 million people access Facebook via mobile products.
