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The rich are going to get richer when Silicon Valley's biggest IPO starts trading on Friday.
Facebook this week raised the number of shares it intends to float by 25 percent to 421 million shares, and lifted the target price range to $34-$38 per share as investors clamored for a slice of the third-largest IPO in U.S. history.
As a result, the No. 1 social network and its shareholders will now collectively reap more than $15 billion from the initial public offering - a $5 billion hike from early May, when Facebook sought an IPO of roughly $11 billion.
The company itself will not float extra stock, Facebook said in a Wednesday filing with the U.S. Securities and Exchange Commission. But early investors like venture capital firm Accel Partners; Tiger Global Management, the hedge fund; Goldman Sachs (GS.N); PayPal co-founder Peter Thiel; and companies tied to Russian tycoon Yuri Milner are cashing out with additional sales to the tune of as much as $3.8 billion.
