A Washington Post story reported that
I assume that by the value, they mean the market cap, which is the market value of all outstanding shares. If the IPO only raised $16B of cash for the company, what happened to the shares that represent the remaining $88B?
They are either still held by the company or by previous investors.
The remaining $88 billion is the value already held by Facebook’s existing shareholders prior to the IPO.
Owned by Zuckerberg (I believe that’s about 20%) and others.
Certainly not all of the shares in existence were sold on the open market in the IPO. Zuckerberg no doubt kept some for himself, his employees had some, and the banks that underwrote the IPO got a bunch.