Facebook’s Menlo Park Expansion ApprovedBy: Mike Fossum - May 31, 2012
Menlo Park leaders officially have approved Facebook’s expansion of its headquarters in that town, which will allow the search giant to hire up to 6,600 new workers. Good news, considering that Facebook’s botched IPO put the company in the habit of actually taking money from people.
Facebook presently employs roughly 2,200 workers at its Menlo park campus, and the city council unaminously approved triple that, putting the number of employees allowed at about 6,600. The limit had previously been 3,600. Facebook will pay the city close to $850,000 annually for the next 10 years, along with an up-front payment of about $1 million to establish services in the Menlo Park community, such as job training programs. Roughly half a million dollars will also be contributed to charitable funds around the area.
Facebook stock, which is presently hovering at around $27 per share, still has the money to just hand out millions. Interestingly, Facebook COO Sheryl Sandberg just praised Morgan Stanley Chairman and Chief Executive, James Gorman, for its awesome IPO. Gorman responded, “Facebook is a great company and will still be in so in a few months.”