The Auburn Hill, Mich.-based company, which is now majority owned by Italy's Fiat SpA, said it earned $183 million last year after a loss of $652 million in 2010. Better sales, especially those of the Jeep Grand Cherokee SUV, turned things around.
The social networking giant filed documents Wednesday to go forward with an initial public offering that could be the biggest in history. Investors are expected to spend about $10 billion buying up those initial shares, giving Facebook a total valuation that should be about $100 billion.
The knighthood of Fred Goodwin, the ex-chief executive of the Royal Bank of Scotland, has been revoked. He led the bank to near-collapse in 2008, and his massive pension generated public outcry. Now, though, some people say the loss of his title is an attack on business.
How does a free website like Facebook get valued at close to $100 billion? Melissa Block talks with Wired magazine senior writer Steven Levy about how Facebook uses your personal information to generate targeted advertisements and huge revenues.
Facebook is about to find out how many friends it has. The social networking giant wants to sell shares to the public. It filed papers for an initial public offering Wednesday. With about 800 million users, Facebook is one of the most visible companies in the world. But until now, the financial side of Facebook has remained largely a mystery. For more, Melissa Block talks to NPR's Steve Henn.
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