FACEBOOK FILES FOR $5 BILLION IN BIGGEST INTERNET IPO

Facebook, the social- networking website that in eight years changed the way the world communicates, filed to raise $5 billion in the largest internet initial public offering on record. Facebook, whose meteoric rise spawned an Oscar-winning film and captivated Wall Street named Morgan Stanley as the lead underwriter on the IPO, while reporting a 24-fold increase in sales over the past four years to $3.71 billion in 2011.