Facebook Inc’s initial public offering, in addition to minting a number of billionaires and millionaires, will offer something of a financial lifeline to cash-strapped California - generating more than $2 billion in revenue for the state.
The state’s budget watchdog said on Tuesday it expects the IPO will generate $2.1 billion in revenue for California through the 2013 fiscal year.
The outlook comes a day after Governor Jerry Brown proposed a revised budget plan to address a swelling deficit for the tarnished Golden State.
Facebook, the No. 1 social network, expects to raise $12.1 billion in what would be Silicon Valley’s largest-ever initial public offering, dwarfing Google Inc’s 2004 market debut.
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