Facebook sets IPO price at between $85bn and $95bn

Social media site Facebook’s forthcoming initial public offering (IPO) has been valued at between $85bn and $95bn (£52bn - £59bn) by the company itself.

The share price for the IPO is priced at between $28 and $35 a share, and is set to be the largest of any internet firm, although it comes a week after the site recorded its first drop in revenue for two years, although directors believe the growth in mobile usage will offer further investment opportunities.