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tv   CBS 5 Eyewitness News at 6AM  CBS  May 18, 2012 6:00am-7:00am PDT

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and disney. your ticking a live look from chopper 5 down there. all the employees gathering. this is a huge events. a lot of people cheering. fees structures will not go on sale until 8:00 a.m. pacific time. an hour and a half after the market opens. they're delaying the start to keep things as orderly as possible. >> these people are excited because they will be millionaires. a lot of people will be making a whole lot of money. let's throw it down to menlo park because in the middle of this is ann mackovic, and she takes it now ... >> mark zuckerberg is set to ring the opening bell on the nasdaq in half an hour at 6:30 a.m.. a lot of anticipation at facebook headquarters in menlo park. you just saw that a group of employees gathering inside. a lot of them have been here all night at an event they call a hacking marathon. the released photographs of that marathon coating session showing
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the company is ready to expand and is not resting on its laurels. facebook officially goes on sale at 8:00 a.m. our time, two hours from now. the price is $38 per share. it will be worth $104 billion. that is more than mcdonald's or disney. early investors stand to reap $14 billion. mark zuckerberg is worth $19 billion at 28 years old. he will control 56 percent of the company's voting shares and what to make decision very carefully. >> the other challenge that it will have is keeping their employees. when you have a lot of employees, as the company gets bigger, and have made a lot money. but often decide to leave and do their own thing. >> right now facebook makes a% of its money from advertising. about $4.30 for each of its users. this new huge devaluation means that needs to increase exponentially in order to prove
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their worth. the long-term goal for facebook is to become a gateway to the internet. it will be interesting to see how these numbers go throughout the morning as they charge out like a bull on to the stock market. live in menlo park, cbs 5. >> thank you. if you get rich by buying facebook stock you may have sandburg to thank, a harvard graduate joined facebook after helping google build their online advertising business. she figured out how to stop losing money and put facebook in the black. one expert thinks she will move beyond silicon valley. >> i think that she will end up in washington and i honestly think that she could someday be president and that is not a joke. >> have aspirations to do something that matters. and right now i don't think that there's much i can do that would matter more than facebook. >> the 42 year-old is the best paid employee, taking in $31 million.
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last year, mostly in stock. >> if >> co-founder defends his decision to give up his u.s. citizenship. he will save $100 million in taxes. the brazilian born man who has lived in singapore since 2009 says it has nothing to do with taxes. in a statement to cbs news he says " i have paid and will continue to pay any taxes earn well was a u.s. citizen ". u.s. senator charles schumer has co-authored legislation to punish people that give up their citizenship to dodge taxes. bryan cooley will be on the set to discuss the facebook big ipo at 6:20 a.m.. opening bell, to seven minutes away and you will have continuing coverage right here on cbssf.com. >> the world's largest maker of computers and printers may be ready to cut tens of thousands of jobs. h-p reportedly planning to eliminate as many as 30,000 positions. the demand for personal
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computers has shrunk as more people connect to the internet on smart-phone said. the cuts could be announced as early as next week. >> developing news this morning in berkeley after a car hit a tree and said a man and woman to the hospital on california street. cake girls aaron is live in has been all morning long. crews are still at the scene at this hour. good morning. >> they have been out here for almost five hours now trying to figure out what happened. if you notice right there were the investigators are, by that turnabout, we actually now learning what happened with the car, it appears a car hit a turnaround and went airborne and then slammed into the tree, a tragic accident happening here at the intersection of california and austin way. investigators have been on the scene since 1:15 a.m.. after that midsized sedan slammed into a tree and officers say three people inside were trapped. one being a woman was pronounced dead on the scene and another man and a young child between
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the ages of 5 and 7. so they're still trying to figure that out. a sergeant with the berkeley police says it was a difficult task for crews try to get them out. >> all of them were quite a challenge for the officers and berkeley fire department personnel who responded to get out of the car. so it took some time to get them out. >> they're not releasing identities. at this ford still trying to notify next of kin. all that we know is that it was one woman pronounced dead on scene. the male driver and young child. to adults in their 20s. and more details about this crash, a car went airborne after hitting a that turnabout right over there that you saw. berkeley police say it is not uncommon for drivers to hit that turnabout. especially in the dark. it is something that they want people to make note of. this intersection will be blocked off for quite some time as investigators continue to figure out what happened here in
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this case. >> thanks. a review has been ordered in the relationship between berkeley police and the media. the issue sparked protests in march after the police chief ordered the department spokesperson to visit a reporter in the middle of the night to get an on-line story changed. the oakland tribune reports that berkeley has a southern california company $20,000 to review media policies. >> it is 6:06 a.m., we should get a check on the weather with lawrence o'connell who actually did just in the studio and went out summer. where did he go? i think that we know. >> where did i go? at&t park. a big bay bridge series between the a's and giants. and the weather will work out great. starting out very nice in the bay area today. mostly clear skies. a hint of fog along the media goes on. otherwise we're looking good. high pressure building in for the weekend. that will crack tablatures up in the bay area and today we warm up into the '70s and '80s.
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50s and 60s along the coastline. we will have more on your bay bridge series and the rest of your weather coming up a little bit but right now let's check on traffic. >> mobile 5 is keeping track of traffic. they just passed the ferry terminal. heading to the richmond/sandra fell bridge, to give us a look at the morning commute. and so for traffic for marin county is looking good. a lot of areas of overnight fog into sausalito. and the bay bridge is light. no metering lights turned on yet. an easy commute into san fransisco. now to the maps. following some problems on westlawn 5 under 80. it is starting to impact your drive time, from the altamont pass to the dublin interchange, one of those accidents near grant line road, it is clear to the shoulder approaching for streets of things to improve once you get to the dublin area, another slow spot is high with four pass those antioch
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exits. and then we see things improve towards the pittsburgh day and concord. here's a live look at times it for traffic cameras. traffic heading into seventh disco. so far nice and clear in both directions of the golden gate bridge. mass transit continues to run on time. back to you guys. >> newly released documents show trayvon martin at traces of t h c, the cycle active ingredient in marijuana. they also show that george zimmerman was treated the day after the fatal shooting for a broken nose and cuts to the head. information that could potentially help the case of george zimmerman. but th >> it is important that everyone will >> all the evidence is out. looking at it piecemeal is what has caused problems in the past for the case. i would rather not comment on partial evidence. we will deal with it once we have it in the courtroom. >> a full interview with his attorney can be seen on cbs this morning which starts at 7:00
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a.m.. >> of vallejo family heartbroken after police officer shot and killed one of their two dogs. it happened yesterday when an officer came to the home to take a report about an identity theft incidents. police say that is when two of the family starts can around the side of the house and charging at him. the officer shot and killed a large labrador mix. >> did not a response just " i felt threatened ". >> she was a great dog. >> the shooting will now be investigated by the internal affairs division to see if the incident was within the department's policy. the city of san jose is resuming cleanups of homeless camps because of an increase in crime and trash. three months ago police stopped providing security for crews from the santa clara valley water district to remove trash. but a recent fire at a homeless camp and increased complaints from residents about breweries made the city reinstate the cleanups. >> it could be an uneasy situation today as the new
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president of france visits the white house. he is expected to announce an early pull out of all french troops from afghanistan by the end of this year. he is a socialist with a very little international experience compared to his predecessor. an early pullout decision could cause tension at the weekends nato summit being held in chicago. it is 6:10 a.m., the future of facebook, can the company live up to the big ipo? >> bryan cooley will be onset to help break down. >> stadium deadlock, what the baseball commissioner's sang about a possible move for the oakland a's? >> she burned up the charts as the queen of disco.,,,,,,,,,,
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>> you are taking a live look at menlo park right now at facebook headquarters. all those people down there are employees of facebook. there watching the big screen right there to anticipating the opening bell which is in 15 minutes. >> this is the live version of " who wants to be a millionaire? ". a lot of people there will make a lot of money. 630 am is the opening bell and will start trading 8:00 pacific time. more coming up, we have bryan cooley to answer questions about that. meanwhile the baseball commissioner says it is up for the a's to look for additional sites for a new ballpark. right now the sentences were giants preventing the owner from building the new ballpark in downtown san jose. the giants claimed the city as part of their territory and selling it would cut into their fan base. but the commissioner says
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there's no timetable for a decision. meanwhile the a's are playing well and where is lawrence o'connell? >> there is, the giants jersey. >> that is right. just call me the big unit. randy johnson working overtime. we are right here in front of at&t park and it is a great start to the day. we have the bay bridge series this weekend and plenty of things going on. what about bay to breakers? what can expect this weekend? >> this week and of course we have a 101st running of the bay to breakers. what not to expect this weekend is drinking. a strict ban on drinking. you have to register to be on the course and we want everyone to come out and have a good time. >> are there really going to enforce the not drinking? >> yes. >> what about the pink guerrilla? but can expect? >> we will have a pink guerrilla
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centipede. and lots of costumes and a huge elite field. an olympian is joining us. >> so you will have serious runners, and the rest of us general folks will be in the back having a great time? >> if you have not registered at you can start today or tomorrow. >> costumes optional? >> come naked, come in costume but do not come drunk. >> that sounds good. thank you. it looks like it is going to be some great weather. maybe a little cool if you plan to have out there. temperatures mainly in the '60s but we are going to see great weather in the bay area. lots of sunshine and nice temperatures as high pressure takes over. we're in for a great day as the rich will continue to build. still '40's and '50's right now as we had throughout the day. the rich will dominate the weather bring us plenty of sunshine, setting up what looks like a fantastic weekend. '70s and '80s into the afternoon
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today. nice warm temperatures but as you get inside of the day he will cool off into the '60s and '70s. the next few days high-pressure looks like it is taking over for the weekend. looking good. cooler as we head into monday and tuesday. a fantastic weekend ahead. if you want to go out to the game, it is going to be some spectacular weather. very mild some pitchers with mostly sunny skies up there and we're looking good. those temperatures soaring into the upper 60s in many spots and of course of the just want to hang out and services, how often do you get to hang out with a pink guerrilla? thank you for coming out mrs. gorilla. that is the latest from here. let's go to traffic. >> thank you. ok, let's go to the altamont pass. westlawn 580 slowing down now because of this accident. by grandma and road. a lot break lights backing up into tracy, a lot of slow speeds all up to the double the change. this is another accident coming
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into the northbound lanes, to under 38 just as the east 14th street exit. it is slow through the castro valley. and of course, we have 05, one of our employees is your traveling down the east shore freeway heading for richmond towards emeryville. everything so far pretty much in the clear. no major break lights this morning. it should be an 18 minute drive time from the bridge to the maze and a quick check at the bay bridge toll plaza where still there are no metering lights. light heading into services or from the east bay. back to you guys. >> all goes as scheduled. facebook will go on sale to the public less than two hours from now. a big day for the menlo park company. and joining us now for more insight is bryan cooley. thank you for joining us. >> the ipo goes on sale at 8:00 our time. >> pacific. not at market open. which is common for an ipo.
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>> is a typical for it cannot go on sale of the opening bell? >> it is usually fed into the morning of the session because they want to make sure everything is right with the offering banks. >> all week we have been talking about it. experts have opinions on whether this is a good investment or not, what you think? >> not today. i would not buy today. you want to wait and see what the stock will be worth and if you can get it at $38, maybe you would be able to say you could take advantage of the day. but if you can get for $30, you don't need my advice, your a savvy insider. you're not asking me. the people that will get it at $30 are those people who are insiders with access, lead clients with these banks that are taking the company public. you know who you are. >> probably all those people that we saw with chopper 5 outside of facebook headquarters, waiting for the opening bell.
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so what can the challenges are ahead for facebook after the ipo? >> without getting into financial, the have been valued at 100 times their sales. that is a very deep multiple in the financial business. you're betting that it will be huge in the future. they need to start doing several things. they need to be much better at putting advertisements on your multiplication. they need to do a much better job of combining social with search. that is the big battle with google and i also need to get much better at selling things that are not advertisements. all sorts of little specials. if you want your clothes to show higher on our friends pages and you can pay for that, or other types of items on our facebook page. they may be selling you those. they need to expand their financial base because right now there are a long shot at. the prices that will make much more money tomorrow and they do today on each user. >> we were just looking at the
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start headquarters and mark zuckerberg is out there. and this woman right here, you're talking about advertising, >> she is the rock star c o zero and as much a part of the story as mark zuckerberg. those two individuals are talking right now. mark zuckerberg will have an extraordinarily high 56 percent of company shares, he will be king. you cannot vote anything different than what he wants. that is very unusual. >> thank you so much for all that and site. >> he has a hoodie on 2 ... >> no matter how much money this guy makes you not put on a shirt with buttons. >> something funny is going on,,
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queen of disco this morning. donna summer died yesterday at the age of 63 after battling lung cancer. she sold more than 100 million albums worldwide. her funeral will be held in nashville on wednesday. >> did groupon insiders get a special deal? it will trick regulator looking into unusual trading activity hours before the company released stronger than expected financial results. earlier in the week their shares surged more than 18%. the wall street journal says that the review has just started. pirate bogie and a parrot and inspired this global contest. >> you can see the second grader work of art on google .com. the wisconsin boys body is a $30,000 college scholarship and a technology grant for his school.
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>> 6:25 a.m., a huge moment for facebook a few minutes away. mark zuckerberg rings the opening bell. chopper 5 showing all of these employees waiting in menlo park. >> a little bit of las vegas for here in the bay area. a mass of casino project on its way to getting a big green light. >> one woman killed, one man and young child both in critical condition after an accident here in berkeley. coming up we will tell you what police say is common to this intersection. ,,,,,,,,,,,,,,,,,,,,,,
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>> you are watching cbs 5
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eyewitness news in high- definition. >> a facebook founder mark zuckerberg kicking off today's nasdaq trading session. >> he sure is, let's ring that bell. it is ringing. there you go. he is ringing it remotely from his facebook headquarters in menlo park. you can see it at all the employes are thrilled. today's the day that this gushers go on sale on the nasdaq. trading started right now, but the facebook stock will not start selling for another hour and half around 8:00 our time .. facebook will trade under the ticker symbol fb. they're making a lot money today. we've been talking about this all morning long. what if we had sheriff's office? friday may 18th. >> it is 630 a m and it is time as facebook changes the status from private to public. a huge amount of money.
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billions of dollars at stake today. >> ann mackovic in menlo park right now, where headquarters have been buzzing all morning. good morning. >> a lot of in anticipation here because all those live pictures, and the only way that we can see that grouping of employees is from the air. because they are keeping everyone out of that area. the media in a separate parking lot. there is plenty of security here at facebook headquarters in menlo park. you can see up to 200 employees there. they just watched their founder of mark zuckerberg bring the opening bell on that campus. everyone just wanted to get to the best view of this. now, facebook goes on sale as you mentioned, at 8:00 a.m. this morning. that is an hour and half from now. $38 per share. the company will be worth $104 billion. more than mcdonald's or disney. early investors stand to reap as
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much as $18.4 billion. mark zuckerberg is now worth $19.1 billion and is only 20 years old. making him more rich and the founders of google. but he's still behind bill gates. and their status is still tenuous with facebook. >> they are under enormous pressure to show how to make money from mobil and how to make more money from advertisements. general motors just told a huge campaign. this does not look good for facebook. they need to come up with a method of making money that is equivalent to google. >> facebook makes 80% of its money from advertising, about $4.34 for each of its users. this new huge devaluation means they need to increase that exponentially to prove its worth. the long-term goal for facebook is to become a sort of a gateway to the rest of the internet but of course right now all eyes on the monday, when that starts trading at 8:00 our time.
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>> thankyou. jason barack will have the latest on the facebook ipo and the major layoffs at silicon valley h d in attendance. remember that you can find continuing coverage on cbssf.com. >> we have developing news this morning over at berkeley. a car hit a tree and killed a woman and sent a child and a man to a hospital on california street. cate caugurian is live with the crews are still on the scene at this hour. good morning. >> we're also learning now that the man and young child are in critical condition. at two different hospitals. but you are right, investigators still on scene. preliminary results would indicate that there are tire marks at that turnabout, and then the trees sort of, or the car hit the tree at a higher elevation. they're thinking that the car went airborne and smashed into the tree.
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you can still see that the car is there at this point. investigators still on scene and this area is expected to be blocked off for quite some time. they have been here for more than five hours since the midsized sedans slammed into the tree. they say there were three people inside. a woman in her 20s pronounced dead on the scene. and a man and a child in critical condition and transported to two different local hospitals and the bay area. berkeley police sergeant says that it was quite difficult to try and get these passengers out of the car, just because of how bad the damage was. >> all of them were quite a challenge for the officers and berkeley fire department personnel responded to get out of the car. it took some time to get them out. >> now, this aid is very common for drivers to miss that turnabout at this intersection at california. and they say actually this is the second fatal crash this year
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in this area. drivers were coming around this area should expect this intersection, to be blocked off for quite some time. investigators are still on the scene, trying to piece together the puzzle and figure out exactly what happened in this tragic case. we're live in berkeley, cate caugurian, cbs 5. >> in san jose man in a coma after spending more than a week ooutdoors after a pickup truck crash. he is showing signs of recovery, considering how dehydrated was. his pickup was discovered on highway 101 but was not found until tuesday this week. >> the city of san jose resuming cleanups of transient in cameras because of an increase of crime and trash. three weeks ago police stopped providing security to remove trash but a recent fire at a homeless camp and increased complaints from residents about burglaries made the city reinstate those cleanups.
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>> 6:35 a.m., a good weekend for baseball. and guess who's playing? you have the oakland a's and giants, guess who's hanging out at at&t park? >> yesterday we have great weather coming this weekend. a lot of festivities. we have some baseball this weekend and it is gone to be great. we have the a's and the giants. the day bridge series. right now mostly clear skies a dimeters a little bit cool running in the '40's and 50's. i think that as we head through the day higher pressure will build in, the wind will calm down and we are looking at fantastic weather ahead as that which builds and over the weekend. plenty of sunshine and a butcher's boy to start warming up. today likely going to see seventies and low '80s in the warmest month. sixties and seventies around the bay. 50s and 60s along the coastline. the weekend is looking good, a lot of festivities. bay to breakers coming up. and we had a pink guerrilla earlier. we will see if we can find him.
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right now lets go to traffic with a list. >> looking good. let's go out to mobile 5. kcbs allen brooks on the streets this morning. right now route 680 heading out of san ramon, heading into pleasanton. as you can see no break lights across the stretch. things are moving fine all the way through danville. nice checking in with him. in the meantime its got out, a couple incidents this morning including the drive out of the altamont pass. pretty slow was down 580. this accident not helping matters. grant line road following an accident there. stacking up on to 205 in tracy. a long line of break lights all the way to the dublin interchange. a quick check-in, was down to under 37. we've just learned that the lawrence expressway off ramp is going to be shut down for the next 10 minutes or so. so that they can clear an accident there. better news now for this spot in san lorenzo. all lanes open north down 238 at
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least down 14 street but still slow through the castro valley. that is traffic, back to you guys. >> of vallejo family demanding answers or at least an apology after police officers shot and killed one of their two dogs. happened wednesday when an officer came to the home to take a report about an identity theft and its. police say that is when two of the family starts came around the side of the house and charging at him. the officer shot and killed a large labrador mix. >> they had no response. just " i felt threatened " >> he was a great dog. >> the shooting will be investigated by the internal affairs division to see if the incident was within the department's policy. >> we're getting our best look yet into the shooting death of trayvon martin. we have surveillance video showing the florida teenager at a 711 just prior to the shooting. according to the autopsy report he had the ec in his system but not enough to affect his behavior that night.
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george zimmerman was treated in a state for a broken nose and cuts to his head. as you can see year. the police report concludes the congregation was ultimately avoidable. >> 8 world leaders will spend the weekend in maryland trying to find solutions to the economic crisis in europe. president barack obama will greet the heads of state this evening at camp david for the 30th annual g 8 meeting there. some occupy protesters are also expected in the area. today that finance minister of germany estimates the european debt crisis could last two more years. >> governor jerry brown continues to push the emphasis on the seriousness of california's budget deficit. the governor tells cbs this morning that voters need to pass his tax measures in november and have the state keep making cuts. >> we are going to start living within our means, something that has not truly happened for the better part of 30 years. >> you can see more of that interview with the governor on
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cbs this morning which starts right here on cbs 5 at 7:00 a.m.. >> a tribal casino been sonoma county that has been in the works for nine years is almost a done deal. the governor signed off on a compact with the federated indians to start work on a 65,000 sq. ft. facility outside of runner park. the casino will house 3000 slot machines and table games. the chairman says this will create thousands of jobs and a portion of the revenue will go to the city and county. the feds are expected to ok the project. construction could begin as early as mid summer. >> 6:40 a.m., major layoffs in the silicon valley for hewlett- packard. >> facebook officially friends with wall street. how the entire bay area will benefit? >> let's check in on the market. it opened minutes ago. we will take a look if facebook is having any help. we',,
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>> welcome back, it is 6:44 a.m., let's check on whether. >> the oakland a's called lawrence, they want you to show them. >> i am a huge giants fan. we have some great weather around the bay area right now. a nice clear start to the day. at&t park in san francisco, not only the bay bridge series this weekend but of course we have the bay to breakers race and stephanie here to tell us what we can expect this weekend. >> you are sure to see a lot of
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costumed participants. some great athletes, but what you will not see is drinking. a strict ban on drinking. you need to be registered to participate but we want everyone to , and have a great time. lester was a great success and we're hoping to run off of that for this year. >> people love to come out in costumes. and have a great time. >> we always say " come they did, come in costume, but don't come drunk ". we are expecting 40,000 people this weekend. >> that will be quite the event. >> it always is. >> you have been up practicing? >> i am ready. >> have a great time. there are so many things on on this weekend, the bay bridge series. the street fair. you name it. and a solar eclipse. it is going to be quite the weekend in the bay area. high-pressure dominating the
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weather. that is good news for us as the rich will continue to build and across the bay area. temperatures cool in spots. '40's and 50's right now. plenty of sunshine,. we're looking at seventies and low '80s today. 50s and 60s along the coast. '60s and '70s in the day, out thbeautiful weather. have you thought of our coastline. and of course, if you want to add to the bay bridge series, we're looking good. sunny and mild conditions. temperatures near 70 degrees. that is beautiful weather. everyone in the bay area, a fantastic weekend. and you might even see a pink gorilla. that is less from here. >> thank you. >> let's go out towards mobile 5 right now. and we are over the bay bridge. the just passed through the tunnel and treasure island. you can see heading to san francisco looking pretty good all across the upper deck this morning. again, that is mobile 5 this morning.
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the metering lights are on but there is no delay behind the pay gates at all. it is friday. we are celebrating by giving you a high five. and this is from pleasanton where we have people from the livermore and pleasanton fire association and they're gearing up for the hook and ladder run. a race to raise money for injured and fallen firefighters and the families. the 5 k and 10 k run starts and ends in livermore. you're looking at photos from previous years. it is family oriented as you can see, a special kids, mile fun run. expecting sold out crowds. 200 kids. if you're interested. it is called a hook and ladder run. sunday june 3rd in livermore. not too late to sign up. thank you so much to the livermore pleasanton farfire
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association. >> the most excitement over an ipo in a very long time. >> something is going on in facebook. about to go public. cbs money watch .com. jason brooks is here with more. >> we have all heard about this for a while. facebook has friends on wall street. pricing the shares at $38 last night. raising at least $16 billion. could be up to $18.4 billion if they sell extra shares that were reserved for extra demand. that would be the biggest ipo raised in one day. topping 17.9 billion. at the very least worth $104 billion in their initial evaluation. that is $44 billion more than what ups was valued at in 1999. the prior record. mark zuckerberg, instantly wealthy. the 29th most wealthy person in the world, surpassing the google
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founders. 503 million shares. facebook is not yet trading. typically you see the ipo " live around 8:00 a.m.. clearly wall street is very interested in this story. yahoo also provided a big surge after all things digital reported. could be worth several billion dollars for yahoo which could then use that money to buy back shares and help their stocks rally which has languished for several years. also h-p, sun reports yesterday laid off between 25,035 thousand employees. the stock market reacted somewhat positively to that news as hewlett-packard is pretty flat right now. the market itself right now, the facebook anticipation driving it a little bit of a huge concerns
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in europe that are straining that. right now the dow up by 16 points. the nasdaq down by one and the s&p up by three. a couple of companies reporting earnings. yahoo right now gaining 5%. back to you guys. >> have a great weekend. >> the social media giant facebook made a splash by ringing the bell for wall street. >> phil matier, and willie brown joining us with the rise and fall of the high-tech start-ups in the bay area. mayor, i'm a little bit disappointed in you, i thought that you would have a hoodie on. >> are you kidding me? i am selling my share. my one share. >> seriously, this is supposed to bring $2.1 billion to the state coffers. but it also reflects a boom and bust economy that we are in in the bay area. pretzel time hewlett-packard is laying off, we're getting this.
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this is one of the reasons why state finance is no bed of whack. >> not really. state finances are not out of whack because of this. as a matter of fact, the state wishes there was 10 ipo, because we would no longer be in a deficit. that $16.7 billion. >> but we relied too much on these boom and bust .com. >> we're trying to manage the economy of the state of california. and we have just been doing a poor job of it for the past 15 years. since i left. >> coincidentally. by the way, did you ever get involved in the ipo? >> i did and it was a total disaster. total and complete disaster. as a matter of fact, i offered to sell the chronicle my entire portfolio for the price to estimated it was. they said it was worth a couple of million dollars and i said "
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i will tell you what, i'll take $2,000. >> mayor, are you friends with mark zuckerberg at all? you have a shot of getting in on this? >> i have no shot whatsoever. i met him someplace. he would not remember me. i think that this ipo may give him an opportunity to get dressed. >> , i don't know, i think that for some reason he is not going to. he was ringing the bell in a t- shirt. >> that is the nature of what they do down there. but i will tell you, he will do what obama has storm. he will evolve as he begins to make presentations, to bankers and others, as he makes the transition. >> you have a good point. the hoodie is now the attire of the business world. >> know it is not. >> they were all in hoodies the >> they were all poorly dressed >> they are loaded, they are in new millionaire. >> that is what it will go bust
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they don't dress up and tried to present to who they are. >> give me a break. they will be able to buy the clothing company. >> not really, they would not sell to people who are poorly dressed. >> aside from clothing, what about jobs? the one thing that people are talking about with this company going public, will they be able to keep their employees? a lot of them may leave and do their own thing? >> some of them will always leave. that is all happens in that world. after all, some of the people at facebook came from other places. some cable at this or have already moved on. that is the nature of the business and that is what makes so interesting for the government of san fransisco in california. these young people are incredibly creative, belonging to a particular place is not what they're about. if it is not created enough them a t
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>> it all started a decade ago in a college dormitory in massachusetts in today it is the hottest thing in wall street. here are some of the staggering numbers involving the facebook ipo. >> a lot of anticipation. you can almost smell the money in the air. take a look above the facebook headquarters in menlo park from chopper 5. several dozen employees. there in the courtyard they have gathered a little bit earlier to see mark zuckerberg ring the opening bell on the nasdaq. we have that video from 6:30 a.m., our time. that was live from the facebook campus here in menlo park. trading facebook shares begins
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at 8:00 a.m., about an hour from now. $38 per share, the company will be worth $104 billion. investors stand to reap as much as $18.4 billion. a lot of the people will be having some of the votes in that company. although mark zuckerberg will own more than half of the voting shares. live in menlo park, cbs 5. >> thank you. >> you can smell the money. a big weekend series, the giants and the a's. the bay bridge series at at&t park. >> i got here early. there is no one else in line. i am standing in front of the willie mays statue. it is looking like a great weekend for baseball. not only that, all the other festivities. the bay to breakers and a solar eclipse on sunday.
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a lot of other things happening around the bay area. lots of sunshine come your way. mostly sunny skies outside. numbers running in the '70s and '80s into the afternoon and the weather is looking fantastic outside. even warmer this weekend. cooling off monday tuesday. >> thank you. we will go out to southbound 80, a multiple vehicle crash. off of the right-hand shoulder. the break lights across that stretch as you make your way past highway 92. and further north through oakland, this is pretty quiet. the coliseum to the oakland exits. things are looking great. friday light. you could difficult that. mitterrand let's have been on since before 6:30 a.m. but we have never seen any backups approaching san fransisco. >> we love friday. >> no kidding. do you know who else loves friday? everyone in menlo park.

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