Facebook picks Nasdaq, sources say

Facebook has decided to list its shares on the Nasdaq under ticker symbol “FB,” according to unnamed New York Times sources.

When the social network first filed for an initial public offering in February, it did not reveal whether it would list shares on the Nasdaq or the New York Stock Exchange. New York Times sources say the company informed the exchanges of its decision this week.

Facebook will join Zynga, Apple and Google, among other notable tech companies on the Nasdaq. LinkedIn and Pandora chose the NYSE for their initial public offerings last year. Facebook is expected to go public in May with the largest offering since Google’s in 2004. Patent lawsuits between Facebook and Yahoo could affect the timing, however.

The social network is looking to raise $5 billion in its IPO, and it could be valued at about $100 billion. Facebook had $1 billion in net income on $3.71 billion in revenue in 2011, according to its S-1 filing. In February, shares on secondary market SharesPost cleared $44, valuing the company at $103.4 billion.

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