By Zachariah Weaver, staff writer | English and Journalism major
THE DIGEST is a place where you can get the basics on information from around the world that’s important for you to know. We’ve digested the information for you so you don’t have to! Here’s what’s on the plate for this week:
FACEBOOK’S IPO GOES PUBLIC
Facebook updated its status on Wednesday by publicly offering stock for its first time since it began eight years ago. The Associated Press reports that if Facebook initially makes enough friends on Wall Street, their stock market debut could take place in three to four months.
The social media icon filed with the Securities and Exchange Commission and planned to raise $5 billion in its Initial Public Offering (IPO)—one of the first steps for a company when it plans to share ownership in the stock market.
If Facebook is successful in its plan to raise $5 billion it will be the most an Internet IPO has raised since Google Inc., which raised $1.9 billion in 2004. Check out more Facebook value talk.
This gives the company newfound financial clout and allows it to become even more pervasive and expand its audience.
Right now Facebook makes its revenue from ads and companies that create apps through its website, like FarmVille. However, Facebook will be changing that revenue process in the next few months as the company’s bankers gauge investor demand.
ROMNEY HAS THE ADVANTAGE
Mitt Romney took a large step forward in the Republican nomination race by defeating Newt Gingrich in the Florida primary on Tuesday.
The Florida primary was worth 50 delegates, and it was by far the largest of the first four nominating contests. Romney took 46 percent of the votes over Gingrich who took 32 percent. Rick Santorum came in with 13 percent and Ron Paul managed to get 7 percent of the votes.
Romney has a total delegate count of 87, Gingrich has 26, Santorum 14 and Paul has four. Candidates need 1,144 delegates to clinch the nomination. Romney has the advantage in money and organization as the contests head into Michigan and Nevada for February, where Romney is favored.
REPORT FROM IRAN IS GOOD
On Wednesday, a senior U.N. nuclear inspector returned from Tehran with news of a “good trip.”
It’s reported that any progress is highly significant, especially in a time of growing fears that Iran may be using the cover of a peaceful nuclear program in order to secretly make a bomb.
There is also fear surrounding the possibility that Israel could be planning a pre-emptive attack on Iran.
U.N. Secretary-General Ban Ki-moon told Israel on Wednesday that the international standoff over Iran’s suspect nuclear program must be resolved peacefully. At a press conference with Israel’s prime minister in Jersualem, Ban urged the Iranians to prove their nuclear program was for peaceful purposes.
USIP.org gives a detailed overview of the history surrounding Iran’s nuclear program.
For more quick digests of the latest news, check back here on THE DIGEST blog every Friday. (This article was compiled with Associated Press sources.)