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Facebook Inc. finally become a publicly traded company on Friday, opened 11 percent higher and rose to $45 before rapidly heading south in frenzied trade, touching its initial public offering price of $38. The No. 1 online social network raised as much as $18.4 billion in one of the biggest initial public offerings in U.S. history.

After a delay in the opening print that drove up anxiety levels among traders and onlookers outside the Nasdaq, the company’s closely watched stock began trading at $42.05, compared with an IPO price of $38.

To thunderous applause from employees, Facebook Chief Executive Mark Zuckerberg — flanked by Chief Operating Officer Sheryl Sandberg and Nasdaq Chief Executive Robert Greifeld — rang the Nasdaq bell remotely to kick off trading at the company’s Silicon Valley headquarters at 6:30 a.m. Pacific time.

The 28-year-old billionaire founder hugged and high-fived Sandberg and other employees in celebration after he pressed the remote button.

The area outside Facebook’s offices at 1 Hacker Way was packed with troves of photographers, more than 12 television trucks, and a TV news helicopter hovering overhead as the excitement reached fever pitch.

Apple Inc., the world’s most valuable company, trumped skeptics once again by reporting blowout iPhone sales.

Apple says it sold 35 million iPhones in the January-to-March quarter, almost twice as many as it sold a year ago and above analyst expectations.

Apple’s stock was down 2 percent at the close of regular trading, as investors believed phone companies had reined in iPhone sales. In extended trading, the stock rallied $40.02, or 7.1 percent, to $600.30.

Net income in the company’s fiscal second quarter was $11.6 billion, or $12.30 per share. That was nearly double the net income of $6 billion, or $6.40 per share, a year ago.

Analysts on average were expecting earnings of $10.07 per share for the latest quarter, Apple’s fiscal second quarter.

Revenue was $39.2 billion, up 59 percent from a year ago. Analysts were expecting $37 billion.

iPad sales came in below analyst expectations, at 11.8 million units. But that was still two and a half times as many as it sold in the same quarter a year ago. Apple launched a new iPad model in the quarter, and supplies are still tight.

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Boxer Floyd Mayweather believes that New York Knicks point guard Jeremy Lin is getting national attention because of his race, rather than his exceptional play..according to ESPN.

Mayweather posted on Monday: “Jeremy Lin is a good player but all the hype is  because he’s Asian. Black players do what he does every night and don’t get the  same praise.”

Lin has led the Knicks to five straight victories, including a 38-point  game against the Lakers.

Mayweather rarely hesitates to air racially charged opinions, either in  person or in social media. He has repeatedly insulted rival Manny Pacquiao,  including an online video in 2010 in which he used racial and homophobic slurs  against the Filipino congressman.

We finally have the details on the highly anticipated Facebook IPO. Here’s what the numbers tell us… Facebook is being valued at five times what Google is. Is Facebook really on it’s way to becoming the first $700 billion company? Or is this the latest run of red-hot tech IPOs to come market overvalued?

Facebook’s imminent stock sale risks putting public stock markets to shame. Investors will surely clamor for a piece of the social network. But unlike Google’s 2004 initial public offering, everyone who’s anyone has already made a killing off Mark Zuckerberg’s dorm-room project. At a $100 billion valuation, it’s hard to imagine much could remain.

The list of who gained access to Facebook’s value-creation steamroller is extensive. It’s not just Silicon Valley elite, including Sean Parker, Peter Thiel and Zynga’s Mark Pincus. The roster extends to global billionaires and, naturally, Goldman Sachs. Even Microsoft is up big.

In one respect, that’s good. It suggests innovative entrepreneurs can access ample capital from a diversity of sources. And that may mean fewer of the likes of Pets.com tap public investors. But when the question of equality of opportunity in capitalism is being questioned like never before, Facebook shows one clear way the rich get richer.

Set aside the earliest funders. Thiel, who invested the year Google went public, gambled on a Harvard dropout with an idea. Accel Partners could easily have seen its $12.7 million investment in 2005 vanish, rather than rise to $9 billion on paper.

Later investors also took risks, though their procession looks more like the Davos caste system. At the $15 billion mark, there was Microsoft and Hong Kong billionaire Li Ka-shing. Soon after, Russian Internet smarty-pants Yuri Milner cleverly offered to buy stock from Facebook employees. Bono’s Elevation Partners swooped in with a deal that might just allow it to raise another fund.

Later came Goldman, buying nearly $2 billion of Facebook stock for private banking clients and itself at a $50 billion valuation. Facebook staff shares were available on SecondMarket, but only to accredited investors with experience investing in private firms.

The worry is that after the investing aristocracy has feasted on Facebook, there’s little left for the hoi polloi. Google’s lifespan as a private firm was shorter before debuting at $85 a share. They’re now $580 – a valuation approaching $200 billion. For Facebook to match that performance it would need to become the world’s first $700 billion company.