Facebook went public on Friday, hitting the market at $42 a pop. Everyone knew this would be a big one, but nobody knew quite how big. Well, reality more than met expectations: Facebook’s Initial Public Offering (IPO) was one of the largest in U.S. history. The company is now worth over $100 billion, more than Disney, McDonald’s, Kraft, and Citigroup. Mark Zuckerberg rang the opening bell for the New York Stock Exchange Friday morning after an all-night company party. But hey, who can blame the just-turned 28-year-old: going public put an estimated extra $16 billion in his company’s pocket. He’s not the only lucky one, though: the IPO is expected to create 1,000 new millionaires. As if his week wasn’t big enough, Zuckerburg married his college girlfriend only a day later, on Saturday. I would say congratulations, but I’m just too jealous.
Newly released info from the U.S. Census revealed that more than half of babies born in the U.S. in the last year were minorities. This shouldn’t come as a shocker, considering the reported demographic changes over the past few years. But still, the milestone represents a significant change in what our country will look like in the next decades. What does it mean? Firstly, the gap between white and minority privilege has to disappear. Only 13 percent of Latinos and 18 percent of blacks earn college degrees, compared to 31 percent of whites. Maybe this shift will finally give society the push it needs to change things.
JP Morgan Chase, one of the more successful banks during the economic crisis, has lost big-time. The company reported trading losses of about $3 billion this week because of risky trading practices. The big risks didn’t pay off (obviously), and the head of the chief investment office, Ina Drew, has resigned. The bank will recover, though. Even with these massive losses, they’re expecting a profit of at least $2 billion over the next quarter.
Columbia Law School posted a 400-page investigation online alleging that Texas wrongfully executed an innocent man back in 1989. According to the piece from the Columbia Human Rights Law Review, Carlos DeLuna did not kill a Corpus Christi convenience store clerk as prosecutors suggested. Instead, the murderer was probably somebody else named Carlos. This comes after another Texas execution has been called into serious doubt. Cameron Todd Willingham was put to death for setting a fire that killed 3 of his daughters, despite extensive evidence to the contrary. If you have lots and lots of free time, Columbia Law School’s multimedia report is online here.
Pic o’ the Week
Patrick Kovarik / AFP – Getty Images
Au Revoir! Former French president Nicolas Sarkozy walked down a massive red carpet after he ceremonially handed the presidency over to his successor, Francoise Holland, on May 15.