Facebook readies itself for huge IPO

Facebook Inc., the U.S. Internet firm with a possible $100 billion valuation, is preparing to file for a public debut, sources told The Wall Street Journal. The Journal reported Saturday Facebook could file for an initial public offering with the Securities and Exchange Commission as early as Wednesday. On the other hand, executives at the company that earned an estimated $3.8 billion on advertising revenue in 2011 could decide to wait a few more weeks. The Web site could raise $10 billion with an IPO, which would put its value at about $100 billion, making it worth more than McDonald's Corp. "and nearly half of Google," the Journal said. The firm's claim to fame is 800 million members who frequent the social networking Web site. Facebook says 500 million visitors check in every day. It is not known whether Facebook earns a profit, but an IPO is guaranteed to make overnight millionaires among several of its 3,000 staff members.