Facebook valued at over $100bn

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The price of social media company Facebook has been set at $104bn (£66bn) by the companies owners.

Shares for the company begin trading today and have been set at $38 each – demand is expected to be high.

The company was set up by founder Mark Zuckerberg who will still have over 50% of the voting power after the shares go on sale.

It is expected that the sale of the shares will make instant billionaires of Mr Zuckerman and his fellow founders Dustin Moskovitz and Eduardo Saverin along with Napster founder and former employee Sean Parker.

The company generated a $1bn profit from its 900 million users last year and some analysts have questioned its valuation.  However others have insisted that the companies potential is huge and it can build on the current $5 of revenue each Facebook user currently generates.