Despite making estimated profits of only $500m investment firm Goldman Sachs have attached a price tag some 200 times that figure for their planned flotation of social media darling of the moment Facebook.
Reports on CNBC suggest that Sachs is front runner to lead the mammoth listing by November , ending Facebook’s era as a private company.
Describing the move as“inevitable” Facebook’s chief operating officer Sheryl Sandberg asserted that a public offering would not hamper the firm’s ability to innovate.
The news comes at an awkward time for the Facebook juggernaut, which reported losing 6m American users in May and a further 100,000 in Britain.
Globally however the site is still on a roll, adding 11.8m users over the month.