Update at 4:39 p.m. ET. $28 To $35:
The AP reports that Facebook has set a price range for its initial public offering between $28 and $35.
The AP adds:
"At the high end, this could raise as much as $11.8 billion. That's much higher than any other Internet IPO in the past, even Google Inc. in 2004."
That price range "would value the company at $77 billion to $96 billion," The Wall Street Journal reports.
Google was valued at $23 billion when it went public in 2004.
Our Original Post Continues:
The news on Facebook is ramping up as its initial public offering approaches. Today, there's news that Facebook will make its pricing official as markets close today.
Quoting a "person with knowledge of the matter," The New York Times says it "should be in the high $20s to mid $30s range," raising about $10 billion when it offers about 10 percent of its stock.
That would mean that Facebook believes it is worth $100 billion. That's in line with what Reuters is reporting.
Quoting "people familiar with the matter," The Wall Street Journal is reporting that Facebook plans to value itself at "$85 billion to $95 billion."
Yesterday, news broke that Facebook would go public on May 18.
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