Â
Sponsored by
NATIONAL NEWS
Facebook IPO could mean up to $2.1B for Calif.
Posted: May 15, 2012 9:41 PM by Associated Press
SACRAMENTO, Calif. (AP) - Facebook's public stock offering this week is projected to generate between $1.6 billion and $2.1 billion through mid-2013 for California's budget as shareholders cash in their shares.
The nonpartisan Legislative Analyst's Office on Tuesday increased the state's revenue projection after the online social network raised the upper range of its initial stock price from $35 per share to $38.
The higher state revenue projection assumes voter approval of Gov. Jerry Brown's tax-hike initiative in November.
The analyst's report says Facebook is expected to drive one-fifth of the growth in California's personal income this year.
CEO Mark Zuckerberg will make a significant contribution to the state's finances. Department of Finance spokesman H.D. Palmer says California could receive $195 million when he exercises his option on 60 million shares.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at feedback@ksby.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
KSBY.com is social!
KSBY.COM VIDEOS
-
Military widow finds another woman's name engraved on her husband's tombstone
Views: 265 June 18, 2013 -
Mother taken into custody after driving under the influence with her son in the car
Views: 43 June 18, 2013 -
Middle schoolers get opportunity to play paintball with local law enforcement
Views: 12 June 16, 2013
Comments