California Can’t Wait for Facebook to Boost Coffers: Muni Credit
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The biggest initial public offering by an Internet company can’t come soon enough for California Governor Jerry Brown, whose budget deficit is getting worse.
Facebook Inc., the Menlo Park, California-based owner of the world’s most popular social-networking service, expects to begin marketing its IPO next week. When company insiders such as Chief Executive Officer Mark Zuckerberg exercise options, the state stands to rake in about $2 billion from income taxes through next fiscal year, the Legislature’s nonpartisan budget analyst has said.