Facebook picks Nasdaq for listing

Sorry New York Stock Exchange. You've been unfriended. 

Facebook has decided its shares will trade on Nasdaq, the Wall Street Journal reported Thursday. 

Nasdaq, already home to Google and Apple, had an edge in winning the social network's listing, the paper said.

Nasdaq offers lower annual listing fees than the NYSE, Reuters noted, but that might not have been as big a draw for a company as flush with cash as Facebook. 

Facebook shares will trade under the ticker symbol FB. Its IPO, set to be the biggest in the US since Google went public in 2004, is expected in May.

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The company could raise up to $10 billion in its initial public offering, the WSJ said.

Facebook has an implied value of about $109 billion, based on the latest private trades of the company's stock, CNBC said. 

Winning the Facebook listing is a "significant coup" for Nasdaq, The New York Times said.

The NYSE has been aggressively courting Internet companies over the past year, snagging the shares of LinkedIn and Pandora. Still, the NYSE just couldn't get a "Like" from Facebook.  

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