Facebook's IPO pegged at $2.5 billion for California
On Monday, Legislative Analyst Mac Taylor became the first state official to hazard a guess at what Facebook's big Wall Street debut could mean for California's budget.
In his overview of the state economy and budget, he said the initial public offering could pump nearly $2.5 billion into state coffers over the next five years.
The full report ran in Tuesday's L.A. Times.
Taylor cautioned that the estimate is still rough, and Gov. Jerry Brown's administration hasn't popped the Champagne yet.
"Some imagined the armored car was going to back up at the Treasury this spring," said H.D. Palmer, a spokesman for Brown's Department of Finance. "That's not going to happen."
-- Chris Megerian in Sacramento
Photo: Legislative Analyst Mac Taylor at a 2011 news conference. Credit: Rich Pedroncelli / Associated Press