More than 1,000 Facebook Employees to become Millionaires post-IPO

(CBS News)

The Wall Street Journal is reporting that paperwork for the most anticipated initial public offering (IPO) in more than a decade – Facebook – could be filed this coming week, and it could mean as much as $10 billion for the social networking company.

Jack Otter, executive editor of cbsmoneywatch.com, says the word is that the company will file their papers on Wednesday, so-called S-1 form and which gives us juicy details about how rich everybody is going to get on this and some other papers.

“I think this is for real,” he said on “CBS This Morning: Saturday.”

When asked why Facebook would choose to issue an IPO now, Otter said it isn’t to relieve debt or to increase the Internet giant’s capital. But founder Mark Zuckerberg and his employees will do very well.

“He has engineers and software people that work very hard looking for their payday,” Otter said. “It’s going to come this spring.”

He said the IPO is expected to increase Zuckerberg’s worth to $20 billion. “That would make him the 23rd richest person on Earth,” he said. “But I think what is cool is more than 1,000 Facebook employees will become millionaires.”