Somewhere in Silicon Valley there's a very happy, soon to be extremely rich, group of social networking gurus.
Facebook has set the price for its initial public offering, according to public filings with the Securities and Exchange Commission.
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The company plans to offer shares at between $28 and $35 when it begins trading this month. That could help it raise over $13 billion and could place the tech giant's valuation at north of $90 billion.
However, the price range is slightly lower than what some analysts had anticipated.
Although Facebook and its founders, a group that includes Mark Zuckerberg, seem poised to cash in big, the company did report a weaker than expected first quarter. Sales fell 6 percent from the previous quarter to just over $1 billion, while profits plummeted 32 percent to $205 million.
Facebook has set May 18 as the day it goes public, according to a report this week in the Wall Street Journal. It will reportedly begin making its pitch to investors next Monday.
