Facebook Files for $5 Billion IPO

NEW YORK (CNNMoney) -- At long last, the Holy Grail of Internet IPOs is here. Facebook filed Wednesday to raise $5 billion in an initial public offering.

In 2011, Facebook earned $1 billion on sales of $3.7 billion. As of December 31, Facebook had 845 million monthly active users.

Read more at CNN.com.

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