VIDEO: Facebook IPO could break records, make billions

Signs point to Facebook preparing to make its Initial Public Offering of stock — something poised to make instant millionaires and billionaires out of many of the social network's employees.

In recent days, speculation has mounted that this would be the week Facebook would take the first step toward an IPO, but filing the appropriate information with the U.S. Securities and Exchange Commission. The Wall Street Journal was first to report the IPO would come this week, perhaps as soon as Wednesday.

"The Internet giant is close to picking Morgan Stanley to lead the deal, these people said. Wall Street banks, many of them struggling amid a crimp in trading profits, have been jostling for a leading role in the deal," The Journal reported.

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