Zuckerberg to ring opening bell from Facebook HQ (rumor)

Summary:Facebook co-founder and CEO Mark Zuckerberg will not be ringing Nasdaq's opening bell in New York. He'll be ringing it remotely from the company's Menlo Park headquarters, according to a recent rumor.

Last week, I heard whispers that Facebook co-founder and CEO Mark Zuckerberg won't be in New York on Friday, when his company is expected to go public (or not). While some Facebook executives will make the trip, the main party will be in Silicon Valley, at the social networking giant's headquarters in Menlo Park.

It thus follows that Zuckerberg won't be ringing Nasdaq's opening bell when the social network goes public. Instead, he'll be ringing the Nasdaq bell remotely, according to CNBC, via Twitter:

News Alert: Facebook to ring opening bell remotely from Menlo Park HQ - Zuckerberg will stay at Menlo Park headquarters $FB

Here's how it works, according to the Nasdaq Remote Open and Close Fact Sheet.

  • Given NASDAQ's electronic model, NASDAQ can be opened remotely from any location and is used to mark important corporate milestones from NASDAQ listed companies and for other celebratory occasions.
  • The NASDAQ remote ceremonies are held from locations outside the NASDAQ MarketSite, however, are simultaneously displayed live from NASDAQ's MarketSite broadcast studio and seven-story tower in Times Square.
  • These remote ceremonies capture the essence of a typical NASDAQ Opening and Closing Bell event including: a NASDAQ Market Open/Close podium at the site for the Company Executive to push the electronic bell and sign-into the market as well as the sign-in on the podium captures an electronic signature, which is a NASDAQ tradition, that appears on the NASDAQ Tower in Times Square from the remote location and is displayed on the MarketSite studio video wall and on NASDAQ's seven-story Tower.

Not ringing the Nasdaq bell isn't an odd thing to do, especially for Silicon Valley companies. For example, when social games developer Zynga went public in December, CEO Mark Pincus rang his own bell for employees at the company's headquarters in San Francisco. It's really no surprise that Zuckerberg wants to do the same.

Facebook is offering 180 million shares of its Class A common stock and the selling stockholders are offering 157.42 million shares of Class A common stock. Facebook co-founder and CEO Mark Zuckerberg will personally sell 30.2 million shares for the IPO. Despite this, he will still control the majority of the company: 57.3 percent of voting shares after the IPO. The company has set a $28 to $35 IPO price range, but many expect Facebook will raise it as the final date draws closer. Just a few hours ago, the SEC approved the company's stock for trading on the Nasdaq.

See also:

Topics: Banking, Legal, Social Enterprise

About

Emil is a freelance journalist writing for CNET and ZDNet. Over the years, he has covered the tech industry for multiple publications, including Ars Technica, Neowin, and TechSpot.

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